I'm looking for suggestions for a mild build, mostly street, weekend trails, basically upgrading a Sport/X to near Rubicon functionally, at lower cost than buying outright.
My thoughts are:
Tires: 33-34" (285/ 70 or 75 r17)
Lift: small spacer lift and small body lift to total 1.5" - just enough to clear tires off-road while keeping the center of gravity low and not requiring new shocks.
Gears: - 3.21 currently, swap to 4.11 to offset tire change while not overly adversely affecting 70-75MPH daily commute.
traction: I'd love Auburn Ected max, LS + locker, but they require D44 front and rear with aftermarket 35 spline axles. $$$$$! Powertrax spiral gear LS front and lunchbox locker in back?

What are the weak spots of this setup?
What bracing/reinforcement/skid plate are needed if any?
Any other suggestions or advice on where money is best spent?

 

Perhaps your question should be, "Any other suggestions or advice on when money is best spent?" The answer is, after you've been out, gathered some experience with others to guide you, and learned what the weak spots are for the types of wheeling you do.

 

Unless you already know your wheeling style I would follow Mark D's advice. Good luck

 

The lunchbox locker in the rear may be like the old Detroit lockers from the 70's. They used to lock solid going around a corner (like at an intersection) with a bit of power on. Catches one off guard when it happens. Otherwise go out wheeling like others said and find out what you need first. Who knows - your driving skills as an off roader may surprise you and they are the cheapest off road improvement. Watch Youtube guys with Rubicons that will never be able to drive.
Not many will argue with the statement that "tires are a great, if not the first and best, investment" for improving offroading capabilities. Gears are nice if you are going inside the diffs for LS or lockers. If you are doing a spacer lift for 33/34" tires then forget the body lift. I, again, refer you to what Mark D and the other poster suggested.