I have that size radial truck tires on my 1954 3100 trucks. They have the 6.50x16" wheels - your wheels might be 6.00x16" wheels.
These tires result in a 3-4" larger rolling diameter on my tires (resulting-in higher speeds at lower RPMs).
The tires make a noticeable ride-improvement. You might/will have to play around with the PSI. Adjust for the best combination of straight-tracking and smooth/easy steering (after checking setting alignment).
I have put the stock panel-body front sway-bars on my pickup (the Suburban came standard with the sway bar). The difference/improvement is noticeable.
Standard shocks work for me.
Lowering one of these trucks is not in my experience/vocabulary. My bet is that lowering causes many more problems than simply making sure all your front end parts are good and correctly adjusted.
