I would be cautious of a truck like that. You never know who installed the lift or how the truck was treated.
Have the front end checked by a mechanic, it can cost you a ton in the long run.
The motor should easily have another 100k miles in it but the truck still has 200k on it, parts are going to need replaced.
Check to see if the motor is a 53 block. With that kind of miles it should be ok but there is a chance that it might be a repaired 53 block