I own a '72 Blazer with a 6" lift and 35" tires. One of the reasons I chose this vehicle is the stock Dana 44 and Corporate 12 bolt axles are plenty strong to handle this modification. In addition, the factory 4 speed (sm 465) is geared plenty low to handle the taller tires. There is more than enough room in the wheel wells; tire rub simply is not a factor. A 6" lift is actually more than you need. If I had had prior knowledge of this I would have used a 4" lift to keep the center of gravity a little lower. The truck can make you nervous if you're on a side slope.
On the street: It's far from ideal, but just plain fun to drive. If you enjoy lots of amenities this is the wrong vehicle for you. If you like a utilitarian, simple interior that requires little or no maintenance it's perfect. My Blazer's interior consists of seats, gauges, heater controls, a CD player, and a magnetic cup holder between the original bucket seats. The magnet works because there is no carpet, virtually no sound deadening at all. Nothing but sheet metal and a coat of paint between me and the drive train.
A 4800 pound vehicle with a 32 year old 350 is not economical to drive. Do not kid yourself. I get about 11mpg. All I'm saying is make sure you know what you're getting into. Also, it runs about 2200rpm at 65mph, so don't expect to do a lot of road trips if you're looking at Blazer with a similar set up. You'll probably get lower rpm's with the 3 speed auto.
This vehicle is fun for short trips around town, and it's fantastic on the trail. It'll handle the highway well enough to get you where you're going. Basically, I love it, but it's not for everyone.