Personally I'm going with a number of the opions above on my 1990 4runner. Locker, sliders and armor, braces, and a modest lift. That should get you through almost anything, and wont break the bank.

On a 2nd gen, if you break a CV, you can pull it out and still make it home (have to replace at least the outer stub with a 3rd+ gen or Taco). In addition, manual hubs and a front locker provide a lot of options if something breaks. I'd like to do a twin stick to have even more options to get off the trail in 2low.

I carry a spare full tie rod assembly just in case. (I have a spare CV too)

I also get time-based alignments because I do need them often, but it doesn't bother me since they're "free".

I would suggest strengthening the suspension vs just a drop bracket. I have been looking around the site for about 6 months now and decided that I don't need some 4inch drop bracket lift for the tires or trails I run. I'm doing everything that Deathrunner mentioned with a couple added things such as Budbuilt Crossmember, Skid between the front and rear Arm Braces, and general removal of my swaybar.