Should work fine as long as the rims have good backspacing. Matt at 4WheelParts in Raleigh has 2.5 In SL with 1 In BL and he has 35 by 12.50s on his. I have his same set up and my 33s have plenty of room.
98 Sport Red 5spd
RC 2.5 lift/Daystar 1in BL/BrownDog 1 in MM/4.88 Yukon gears/Ford 8.8 rear/Spartan lockers/RC stabilizer/JKS quicker discos/FabFour Hardcore Bumper/SB XRC8 winch
Cragar 365 series V5's/35x12.50 BFG MT KM2/Grant Tire carrier bumper