Pros and Cons

What are the pro's and con's of a suspension lift vs. a body lift? I know what the actual difference between the two are, and which one I want, but I can't justify a $400 difference between a 3" body lift and a 4 1/2" suspension.

Just do a suspension lift... make sure to measure your truck after your done for its over all height. I'm at 7'6" from the top of my bar to the ground. Parking garages or garages in general can be an issue I know I can't fit in alot of the ones around here I'm just to dam tall.

The main difference besides the size is the construction and the benefits that you get.
For example:

Body lift raises the body to a desired height using nylon or urathane pucks along with some extensions for lines and steering. Raising the body also will raise your center of gravity. Yes a body lift will allow for bigger tires, but on the other side of that your driveline and all the axles will still be at the same height. So if you are planning to do any off roading I would suggest a body lift and a suspension or just a large suspension.

For a Suspension lift there is a lot more work involed: as in moving parts and parts list; But a suspension lift gives you a greater stance as well as ground clearance. The axels are still in the stock height if you keep stock tires. But with the suspension lift you are raising the frame and everything attached to it. So you have a higher center of gravity but the suspension will flex and move accordingly. Whereas the body lift will keep the stock suspension that isn't designed for the changed center of gravity. If I were going to do a lift I would do a suspension lift. But that is just me. Some of these facts may not be 100% but I believe the principals are solid. I'm sure others with lifts will chime in and add other facts.

Sorry for the long read.

Go with the suspension lift , body lifts are used for guys that want a little bit more clearance for tires or a bit more height after a suspension lift .

Suspension lifts are made to take on and off road very well .

If you want looks only, get a body lift.

If you want some function with the lift go suspension

You are not going to see any significant increase in functionality out of a 4.5" suspension lift. It will just be blocks in the rear and a new spindle up front. Does that lift even come with diff drop brackets? You could end up with terrible cv angles.

Unless you're going with a KORE setup.

For all the work involved in a suspension lift, either go with a 6" or forget it.

^^true. Also be aware of how much TRUE lift you're getting. A lot of "6 inch lifts" are only 4 inches of true lift.

Very good point!