Welcome, Ottocycle (nice handle. I studied you in school!)
There are a lot of answers to your question but remember the best may not always be the most economical. I bought my '50 3100 with it already lowered a few inches. The previous owner removed a couple leaves from the front springs (very economical, maybe not so safe). When I rebuilt the truck, I cleaned the front springs and installed the liner between the springs. it made the front springs almost too soft. They bottom out when i hit bumps. And I bought a lowering kit for the rear from TCI and was very happy with it. If I had the truck apart again, I would probably look at options for IFS in the front, except I wanted to keep the 6 bolt wheels.
