If you want around 7 inches, you'll need way more than just blocks and spacers! Why would you want to go that big? Since your running a junkyard lift, I am assuming you still have stock axles and drivetrain? What size tires? What are your goals, mostly on, or off road?
Over 3", you should replace, at least, the LCAs. Over 4.5 inches, you will want to run a long arm kit, or drop brackets. Take a look at the RE parts list for the lift height you want, that will give you an idea of everything that will need to be done. To run large enough tires that it doesn't look goofy will take Axles and Gears.
Blocks are just BAD!
Budget built is fine, you just have to SAFELY correct everything the high dollar lift kits address. For example, you can use chevy 1500 front brake lines and Dakota rears.
A set of shackles will run about the same price as a set of solid steel blocks (anything else is just scary!). The shackles will not only provide a safer, longer lasting lift, they will also help with ride and flex.
You should also consider the shackle relocation brackets, they really help with bastard packs! Here is a writeup I did on my budget rear suspension, and it still works beautifully:
http://www.naxja.org/forum/showthread.php?t=949492.