That angle doesn't really look all that bad, but in general, I would recommend against lift if you can avoid it.

The question though, is will your tires fit without the lift?
You've given only one measurement for your tires, 275, which is the tread width. Need all three measurements in order to know the real size of them, width, ratio, and rim.

Note: I don't think that the lift can be responsible for pulling the bands off the boots. More likely, the vehicle was driven through something that wedged up there and ripped them off.


Edit: I see that you did include the rim size... 20". Still need the ratio though.
Also, I wouldn't be taking that off road with 20" rims unless those tires are crazy big.... as in way too big to fit even with a 2" lift. Without enough rubber over the rim, you'll easily collapse the tire and damage the rim. For offroad (or any harsh landscape), small rims and big skins. Big rims with small skins are a street-douche modification.

Edit2: From the picture, it *looks* like the tires are fairly low profile, but really can't tell for sure. I'm really thinking that you should ditch those wheels for some 16's of a more stock size. Those really don't strike me as being even remotely suitable. Not for a truck and certainly not for anything that will ever go off road.

 

The tires are 275 55/20 and the wheel package was on the truck when I bought it. I have the stock wheels/ tires as well, but this truck never goes proper off road, that's what my dirtbike is for. Luckily for me, warranty cover the 1100$ bill, but I don't want it to happen again. The mechanic also commented on how hard it was to remove the ball joint and tie rod arm to pull the shaft, I guess from the lca being loaded up by the shock/ spacer. Is anyone noticing increased wear on front end components other than ball joints due to spacers?

 

Those will probably fit without the lift. The actual measurements are 32x10.8, stock is 30.5x9.6, so they're only 1.5" taller (.75" additional clearance) and 1" wider (0.5" additional clearance). I don't *think* that the stock wheels come within those distances of anything.

But if you have the OEM wheels... why not use them? They're better.

Lifts are responsible for a great deal of additional stress on drive components. They've been known to blow CV joints, bearings, seals, and differentials.

 

Those angles don't look horrible, but if you are worried about it throw a Toytec Diff drop kit on which will "reduce" (there is some debate as to whether or not they actually reduce the CV angles or just change the angle at with the diff sits) the angles of the cvs. Here are some before and after pics to show the change.

Before the diff drop

After the diff drop

Then in the future just periodically check the truck over to look for anything abnormal...missing bands, torn boots, etc so you can catch it early when it will just be a boot replacement instead of shaft replacement.

I can tell you that your tires will not fit on the stock suspension. If you practice preventative maintenance and routine inspections like I mentioned above you should have no problems continuing to run the lift.