You can "fit" the tires. The problem comes when you try to flex the suspension. You would have to trim not just the sheet metal, but alter the wheel wells to get much compression. I'm at 5" with 33" TSLs and cut fenders and I would consider that about the minimum for that size tire.
There is nothing wrong with running 31's at 3.5" lift. It would be a more balanced suspension that would just work better.
Backspacing is the key to avoiding rubbing on the LCAs. Space the tire further out and you will rub less. Run a narrower tire and you will rub less. The tradeoff here is (especially with low lift and 33s) that you will need more room in the front wheelwells at the front and back because the wheel swings in a bigger arc. I actually rub the back of the wheelwells at compresssion and near lock with the steering. You can't just trim that away.
It's all a compromise. If you gotta have the big meats and don't care about rubbing, knock yourself out. If you want to make 33's fit well, lift it a little more and break out the sawzall. If you don't want the expense of making 5-6" lift work right and rubbing bothers you, stick with 31" tires.
mattk