Depends on what you are after. Your tire size options are limited anyway. Each of the two lifts are entirely different.
You can do a full on subframe lift that will set you back around $2,000. Or torsion bar crank the front and make it sit level with the rear for a total of zero dollars. You can purchase torsion bar keys and rear lift shackles for ~$200. The higher you raise with torsion bars the more crappy the ride gets. Done properly and it's tolerable.
Your max tire size really will be 265/75-16 with either a body or suspension lift. A body lift of 1.5" is slightly lower than torsion bars, or similar to level only (but a body lift will not make the truck sit level if you care about that). A 3" body lift won't allow larger tires as the interference points for larger tires are chassis components, not the body.
Pro's and cons to both. 92.78% of the 'lifted' trucks are torsion bars. I made that number up by the way.