Your 2006 2720SL may already be lifted. Mine was. You can tell by looking under the TM where the frame rails cross the axle. If there is a short (18") piece of square steel tubing positioned between the frame and the axle, that is a lift. I wouldn't try to lift it further.
Another way to tell if it is lifted is to open the TM, and measure the height of the bottom edge of the TM box from the ground. Measure it directly at the center of the wheel, so that tilt doesn't change it. Mine is 21 inches. Since your TM presumably has 14-inch tires, and mine has 15-inch tires, you might be about 1/2 inch less if you have a lift, and 2 1/2 inches less if you don't.
If you are thinking of increasing tire size, make the famous 3 inch test. How much space is there between the top of the tire and the underside of the black wheel well liner? Dexter Axle suggests that you should have 3 inches of clearance, to allow the suspension to flex. Since their web site says that the suspension will flex only about an inch, many of us (including me) have concluded that 2 inches of clearance is fine.
Three inches under load is a big drop. Even with the long wheelbase of your truck, I bet the front end rises at least an inch, and that can bring problems with steering and braking. If you look around on this site (or outside), you will find discussions of how to measure rise/sink, and what it means.
You don't need sway bars on a TM. This is especially true because of the long wheelbase of your truck, as I mentioned earlier. You'll be a lot happier if you apply your cash to a WDH. Hillbilly has a good point about looking for a used one, but even if you have to buy new, $300 will cover it, and will buy a lot of peace of mind.
Bill
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