That's what I'm trying to do is figure out which direction I want to go. Parts keep coming up for sale that I'm interested in but I don't buy them because I'm not quite sure what I want. I want to be able to wheel some and not just car camp and explore. I'm not talking hard core trails, just to get out and have fun with guys like I used to do in my LJ.
If you're ok with taking bypasses and not doing the big trails (Pritchet, BFE, Wayne's World), then here's what I'd do: BJ spacer. OME (Dakar) rear leafs. 33's. 4.888s. Sliders. Rear locker (elocker or aussie), 4.7 t-case, rear bumper. In fact, that's pretty much what I'm doing with my current rig. That'll keep it plenty streetable, and with the 4.7's and the locker, you'll be able to do all the mellow fun trails in Moab (Golden Spike, Metal Masher, etc).
If you're the type of guy who just "HAS" to get up every obstacle, and really wants to wheel it a ton, I'd go a little bigger, like 35's, and maybe consider a sas.
I'd build it to be in the same realm as your friends' rigs. If you're extremely built and they're barely built, it'll make it tough to have fun on the same trails. I'm not saying it's going to be boring, but they'll want to run easy trails that won't push your rig. Or vice-versa, if all your buddies have buggies, and you have an ifs rig on 33's, you'll feel over your head on a lot the trails they want to do.