It will definitely depend on what you plan on using the truck for. For just driving on pavement it will probably be okay most of the time, just be careful when pulling into a driveway or parking lot with a steep approach. Some slight trimming would probably take care of any problems on the street.
Off-road on a twisty trail would be an entirely different ballgame. I have a fairly flexy 4" lift, the sway bar unhooked, and 35x12.50's on 10" wide rims. It required a moderate amount of trimming to get the front to to fit without rubbing when fully flexed out and I'm sure it would require some more to fit taller and wider 36x14's on it. Last weekend my friend took his newly finished K5 with a 6" suspension and 2" body lift out with 36x12.50 Swampers on 8" rims and the tires would just barely kiss the back edge of the front fenders. I think that a moderate amount of fender trimming will give you more tire clearnance than, let's say, 2 or 3 more inches of lift.
Overall, I'm sure it can be done if you don't mind a little fender trimming.