Ohhh yeah those extended shackles on the back are doing it for me. /forums/images/graemlins/rotfl.gif
Personnaly I would leave it and drive it. They are good little trucks in stock form but no aftermaket suport to do any modifications.
You could probably pick up a rust bucket full size chevy for what a suspension lift would cost. Some quality time with a Swazall and throw some extra leafs in the front springs and a 2 inch block for the rear and clear 35's. End up with a truck that's 10 times as capable off road as the luv would ever be if you retain the IFS.
Next idea would be cut the IFS off the Luv and do a Solid axle swap. A D30 from a jeep would probably work. The luv should have 4.10 gears and a front axle from a Wrangler 4cyl should have 4.10's to save you the regear.