Well I had some time this past weekend to install the Daystar 2.5/1.5 Spacer Lift Kit on my 2007 Sport Edition 4Runner. It was a pretty easy process once I realized that I should not follow the provided instructions.
This thread on my favorite 4Runner forum has a lot of good info and pictures of other lifted 4Runners. Toyota-4Runner.org
For the front end, the easiest way to do it was to remove the front skid plate (4 bolts), remove the sway bar and end links, unbolt the shock/coilover assembly (top bolts and bottom bolts), unbolt the lower control arm at the hub (2 bolts), and loosen the lower control arm bolts where the alignment is done (you'll be getting an alignment when you are done so who cares). By doing this, the LCA goes to the ground, allowing enough room to slide the coilover assembly out and makes it easy to put the spacer on. The daystar instructions want you to mess with the ball joint and whatnot, which is a pain. The first side took about 3 hours because I didn't know what I was doing. The second side took ~20 minutes.
For the rear end, the daystar instructions were satisfactory. Lift the whole rear end, unbolt the shocks (bolt at bottom), use jack to crank down the axle, remove coil spring and install spacer. The rear took maybe 30 minutes total. By the way, you really have to use some pressure to get the shock off the axle.
BEFORE: No spacer, Bridgestone Dueler Revo 2 P265/65r17
AFTER: Spacer lift, Nitto Terra Grappler P265/70r17