I agree, 50mm suspension and fit some 17x7.5 rims with 265/65/17 tyres. Will really need SR5 flares but not essential. Speedy sell 120 series Grande copies or simply grab some off a 17" wheeled SR5 2011-2015 4x4. Example:
http://www.ebay.com.au/itm/Toyota-Hilux ... SwuxFY0Mt-Your original tyres on an SR will be 205R16C which are 734.4mm OD as far as I can tell (around 205/82/16)?
265/65/17 are 776.2mm diameter, so you are going up in OD by 41.8mm, let' s say 42mm. That is a lift by tyres of 21mm.
As far as I know most States allow 75mm max lift, and with these tyres and 50mm lift you will have 71mm. Any bigger in tyres and you are exceeding what is allowed.
The 265/65/17 tyres will also just about make your speedo correct too.
You might want to think about going up in front rotor size too to compensate for the bigger tyres as bigger OD tyres means equivalent loss in brake performance, use the rotors and calipers off a 2011 onwards diesel or 2012 onwards petrol 4x4 Hilux or go bigger with 120 series cruiser (Prado) rotors and calipers as per TRD Hilux. Either will bolt on, but you'll need the backing plates too.