Cut and sleeve as long as the welds are good is a great way to go. Adjustable bar would work too, but cost more.
Ford (and Jeep on every YJ ever built) and a few others i'm sure used track bars on leaf sprung rigs to eliminate bump-steer and add stability. As long as the bar is relatively parallel to the ground (and your drag link) there wasn't much interference. But, when you lift things and make the angles steeper, you'll notice the track bar will make the ride (more) crappy, and it'll eat bushings since it's always fighting the natural movement of the suspension. It will however keep the bumpsteer in check even when lifted.
I don't think I'd trust a truck that yuge on the highway without a track bar. Not saying it won't (likely) work OK, but in a panic maneuver it may leave you hurting.
And like Jake said, if you're not adding a drop pitman arm to your steering, the drop bracket for the track bar will make you dislike the truck.