It all depends on what you are after and what your abilities are. One of my favorite builds is my SPOA on 35 from last year. Stock 1.3L, 5.12 diffs, 35" Mud radials, Prelude seats, $300 Macco paint.
Each front fender is still fully enclosed with the inner fender reworked and wwelded. I spent 8+ hrs on each. The rear is the standard cut and fold like can be found elsewhere. Then fiberglass and smooth to taste.
All (4) fenders were modified for the new arches to follow the top of the factory plastic flare.


Their is room for 38's and I have wheeled and mud bogged it with the 38" Swampers, But the 38's are more work to drive then they are worth. On 38's I sat about the same height as a lifted sammy on 33's. LOW COG is a good thing.
same truck before paint, but on 38's:

