ok so most of what is being said is true. but for the high your going for you will not want to do an axle flip for more than one reason. first it will lower it too much for what you want and second you would have to put a frame notch in so it didnt bottom out and also if you did do the notch then you might bottom out on the bed floor so ya. what you will probably do when it comes to money and time is just flip the hangers like i was saying and pull the blocks> go measure your truck as it sits then take out 5" thats most likely what your going for bro. as for the front i did crank my t bar down on my expo and it was fine and you  can always crank them back up

wow i was reading this and stared wondering if i could lower mine about like that

Unfortunetly, you can't lower your truck like that.  You do have coils with the twin I-beam setup.  Try doing a  google search for "dream beams" or something like that.  I really don't know anything about them other than they lower the front of the truck.