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Check out the Falcon Shocks for your F150, they are AMAZING and offer a leveling kit for a little more height. I rode in a F150 with Falcons and it handled on-road and off-road driving very well and only got better with more speed.

With the Falcon shocks leveling kit you should be able to up size your tires and get a much better tire for use offroad. I really like the BFGoodrich KO2 for a beefy all around 4x4 tire.