My thoughts..
I think clipping a first or second gen, or anything for that matter would depend on how easy or cheap it would be to get the 4wd, versus holding out for a 2wd. Then factor in the cost and labor of doing the clip conversion. Having gone through the same search you are asking about, I can attest that those models are not in abundance. What you do find is rusted and beat up junk, or high priced "restored" trucks.
My first concern on doing a clip swap, is who is going to do it? If you are capable of doing the swap correctly, it might not be too bad. If you have never done it, you better hope you have a GOOD friend that has.
If you have to rely on a shop to do it, there are a lot of concerns there. Finding a capable shop, that can do it right isn't always easy, and almost never cheap. If they offer to do it cheap, you should probably run like hell.
There is another option to this delima. Although it's not cheap either, it may be the best deal in the long run. Jim Meyer Racing offers a conversion kit to replace the front suspension. It comes in a few different forms, including a bagged version. I would think that a kit that is engineered for the application by a reputable company would be a much better way to go. This kit offers the advantage of a raised crossmember as well as rack and pinion steering. All of those features would allow the front of your truck to lay flat if it were bagged. That is of course after you modify your fender liners.
I realize laying frame may not be on your list of priorities, but if you can have your cake and lay it flat, why not...
http://www.jimmeyerracing.com
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