I have one of those old 2nd generation 4Runners everyone makes fun of for sagging in the rear, and boy does mine sag!
I am reasonably certain that the tie rods and other suspension consumables are shot, but its 20 years old and on all stock parts best I can tell. That includes the shocks
So, I need to replace parts, question is what with? Sure I could go with all Toyota OEM parts and have a nice ride, or go aftermarket for a very mild lift for not much more money than I am going to have to spend anyway. Decisions, decisions. If nothing else I will probably do something to lift the rear although I am not sure what at this point, then depending on how that looks I may even crank the torsion bars down to not make it look so goofy in the front. Then add some Bridgestone All-terrain KOs and call it done. I do no serious offroading, but I would like to go to some of the local places every now and then. These old 4Runners are pretty capable in stock form, and I have no need to drastically alter what works nicely already.
To answer your question... It sounds like you have a legitimate need for a little more clearance, so go for it