I think that little read where it says to install a piece below the radiator meant between the actual radiator and crossmember frame, not below the bumper..
And from what i have always understood of these underbumper air dams, they were, as mentioned already, meant to help with air deflection to lower the under carriage turbulance for slightly improved fuel mileage.
I don't think they had them "back in the day" but most newer models usually came with them when the fuel economy era started up, my 2wd 1/2 ton has one too.
But the one thing you have to look at, when you raise the truck from stock height, you are really defeating it's purpose anyways, so i don't think it matters if it's on there or not,,,,i kept mine on just because i personally like the look of it
RACECARS,,,use this same technology, lower the front air dam, to keep the air from going under the vehicle for more speed, less drag, wich also helps with fuel mileage (slightly)
But the ones like mentioned on the Firebird, Camaro and other sedans, ware used to help create a vacuum in the engine compartment to help the airflow through the radiator, I had a IROC Camaro with a overheating problem, it is a neccessary item.