I think Lorne brings up a few good points, but I do have to disagree with him on one point.
There is a truck with raised wheel arches:
I personally do not like the look, but it can and has been done. There are, however, plenty of slammed trucks out there with the right suspension setup and wheel dimensions to allow for full lock to lock steering with no rubbing.
Back to what Lorne was saying, I agree in that you need to decide where you want to be suspension wise from an outside perspective, and then see what's out there on the market already to get you there. For me, I want the wheel well arches right at the top of my 22" rims. That puts me at 7-8" static drop. With sectioned front cross member, spindles, drop blocks, my rear stepped frame and bed raise, and springs all around I can get there. Then, if I want slammed on the ground, I can add bags and I'll be there, no need for any serious frame Z-ing. So even if you just want a static dropped truck, you can get as low as practically possible to drive without Z-ing. If, on the other hand, you just want to do it that way, I suppose anything is possible.