Using a dropped axle is good because you don't loose too much suspension travel,it'll lower the truck but not radically.
It's the same as using lowered spindles on an IFS,it wont alter the geometry too much,if at all.
Fitting 20" wheels,even at stock height will always compromise the ride slightly due to the lower profile tire (less sidewall) so consequently it will be firmer.
Personally I would go for a gas tube shock set-up as they tend to have better bound and rebound characteristics.
A straight axle is a lot of unsprung weight to control.
Oh...and Welcome to the 'bolt!

P.S Post some

of your truck!

Jock.