Is there any advantage to lowering the body of a truck 2 1/2" or greater? I'm not going to argue one side or the other, I'm simply going to present my experience and opinion.
I lowered my truck about 6" and have noticed a great improvement in handling and a marked improvement in fuel mileage due to reduced turbulence under the truck.
However, I cannot see any improvement to handling or gas mileage by a 2 1/2" body drop. That does vary little to lower the overall center of gravity.
I think these trucks look perfect at stock height and pretty d@mn good at about 5 or 6" lower, but they look odd anywhere in between and just plain impractical lower than that.
When I first got my truck I planned some radical modifications including an S10 swap, V8, repaint, etc., but have fallen in love with the truck in a basically stock form. Every modification I've done to my truck (drop axle, transmission swap, rear diff swap, re wire, etc) have all been things I could do in a day and have it back on the road the next day which is great as this has been my daily driver for the last 13 years.
The only time in the last 10 years I have considered using an S10 chassis was when I came across a nice regular cab long box GMC S15 4X4 with 4.3, 5 speed manual, and manual 4x4 transfer case. In that case I still would have made sure my truck looked stock and sat at stock height.