OK, now we're talking.
Assuming you have a Dana 35 rear axle, you are going to want to keep the tire size as small as practicable and carry spare shafts. DO NOT put a locker in this axle, as it will increase teh axle carnage by a factor of 5.
I would say 32's are the MAX that you should run on this axle in the Colorado rocks. 4.5" will clear this fine, will alleviate the need for an ultra expensive suspension, and perform well on the road.
I would check the classifieds here on

and on pirate4x4.com for used 4.5" lifts. LOTS of people go higher and sell their lifts for dirt cheap.
Get yourself some good tow points and skid plates ASAP. Also pick up a spare set of axle shafts for the front end.
CRASH