Unless you have a really good reason, lifting a tow vehicle is a big mistake.
The main limitation on of towing capacity is how much stopping power the brakes have. So every pound you add to the tow vehicle is one less pound you can tow. An F150 is only a half ton truck and I have not been very impressed with their towing performance. How heavy is your trailer? Do you plan on having a tool box and other things in the truck bed? Lifting a truck strains the universal joints on the drive shaft. Are you increasing ground clearance to go off road? Running a trailer off road in circumstances that would require the tow vehicle to be lifted is asking for trouble. Higher ground clearance means higher wind resistance and lower fuel mileage. A lifted vehicle is a more likely to have trouble in high wind situations. It's bad enough when winds start tugging your trailer around. When the tow vehicle gets shoved about things can go wrong in ways that make for spectacular Youtube videos and sudden obituary notices. Are you lifting it to install over sized wheels and tires? The truck is designed to operate with stock sized tires and wheels changing that will compromise handling, braking, fuel economy, over strain your drive train and cost a lot of money in the long run on extra maintenance and repair.
If your truck doesn't yet have a tow package you are going to have to spring for a proper towing hitch, trailer wiring and extended mirrors. If you intend on towing seriously it would be a good idea to install a transmission cooler. How about a anti sway package? A higher amperage alternator? A CB radio? You can't travel without eventually replacing tires and brakes. Do you really want to spend extra money on something like a lift package, that you don't need, when there are lots of other things that might actually be worth doing instead?
If your hearts desire is a really big truck to tow with a 3/4 ton or a 1 ton is a far superior tool for the job.
