I see nothing wrong with a body lift. I've been in a serious accident where the airbags went off and the body lift didn't fall apart and the frame/body didn't seperate. It was just fine. If you install a body lift, do it right and don't do some backyard engineering project. That is most likely the crazy cases you end up seeing posted several times on several different forums. Spend the extra few dollars and upgrade all the hardward to grade 8. I'm running a 1.25" custom body lift now and absolutely no worries about it failing.
That said, do the suspension lift first. If you need just a tad bit more to clear the tires, then get a body lift but try and keep it as small as possible. A 3" gap between the body and the frame looks likes poo.