At 294k miles, you are looking at some maintenance items first, and a good chance of a rebuild depending on the history of the motor. Best to spend your money on the maintenance and have a good running machine, than lift it and all so that you can show it off in your driveway cause the motor has cr@pp*d out on you.
Or, second option, Pull the motor, stroke it out, it will need a rebuild soon anyways. While the motor is out to shop, put the lift, wheels/tires, Rockrails, Upgraded axles, regear, SYE, New Driveshaft, lockers, Skids, Front and Rear Bumper(w/Tire & accesory Mounts), Winch, 3 row radiator, Hi-current alt., Light bar, Safari Rack, Snorkel, Stereo, GPS, CB & Whip, On Board Air, Herculine the interior and Line the lower edge of your body panels, Tint the windows, and do a disc conversion on the Rear Axle. ..
Dangitt, got carried away with the lottery winner dream again.......
Yeah, first things first, Maintain, update, modify..... Repeat.