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Yes you can, the question is do you want to spend the money required to do it.
The rear is easy: cut the top coils off your drop springs, cut out the bump stop cups completely, get the Illicit Customs rear control arm relocation kit, buy shorter shocks, and you can can get the rear down a total of 7" and still have 4" of suspension travel; you may need to cut out the 5th wheel hitch horn that hangs down to prevent the rear diff from hitting it.
The front is where it gets interesting: run the Ground Force 2" drop springs and the McGaughy's 2" drop spindles. With the change in the CV angles you'll tear up inner CV joints very quickly as soon as it's in 4wd. You can fix this if you can find Kore Offroad high angle inner CV joints if they do a run of them which has been rare lately; or you can get a set of inner joints from a Porche 944 and build an inner CV yourself. The front sway bar will be out to lunch so you'll need a shorter tie-rod but the F150 ones that the 2wd guys run doesn't work for the 4wd, I bent a set in 3 days, I've only found the long version of the Chris Alston Chassisworks end links that held up but they're a maintenance item and need to be replaced completely every few years. If you ever try to run a set of 17" wheels you will need to trim the lower balljoint stud flush with the nut so it's either 20" or larger.
A 31.4" tires rubs on the sway bar, possibly on the firewall pinch weld, and I tend to wear through inner fender liners
Saw you at wall-mart prince of whales a few weekends ago, small world. Nice ram!
You can add Mcgaughys front drop spindles which with net about 1.5" more drop and trim the rear as you please.
Thank you very much for the detailed response! I'll be looking into what this all costs
Hahaha yeah I like to park where it can be seen, thanks man
Are you in Regina? Would be nice to get a little meet together for us lowered guys. Seems like everyone around is into mud tires and lifts.