My friends keep bugging me to do this to.
Then get some big interco's on it.
Here are a few pro's and con's I have thought of.
Pro's
Huge clearance
Better break over...
Way better approch and departure angles.
Takes a big step up in the offroad.
Cons:
You will have to regear, so budget that in.
Any lower that 5.29, and the R+P start getting weak in my opinion.
And 5.29's with 37-40's might be to fast for offorading.
The rig might get a lot more tippy ( I am worried about this).
Possible stearing issues. Might have to make up a high steer system.
The more I think about this more I am inclinded to stay leaf under and stay with 33-35's. Once you go to the next level it costs quite a bit of money (tires, gears, etc...). Plus they go places now. Usually does not get stop until I start dragging (which going higher would fix). But then in another few inches you are dragging axles (same problem).
Anyways, that is my 2 cents for what I have tought about it.
Right now it goes places as is. Going biggers comes with tradeoffs.
Personally I like how it wheels now, and is still a good daily driver.
Personally, if you don't already have lockers, or some a really agressive tires, I would do those first. If you already have those, than a leaf over might be the next step for you.
Cheers,
N.