There is a ton of suspension/tire & wheel info buried in posts on the forum that goes back many years. Jeff Dean, McRat, Trent, Tom, etc, etc have spent the time/money testing and then posted volumes of detailed ideas, pics, and feedback. No need to re-create the wheel or spend money guessing when starting out.
Front coilovers will work as long as you can get a tall enough shock and spring combination to support the weight and still give some suspension travel. I used several QA1 setups on both 2wd and 4wd setup but the cost is significant and the truck will set low. Plus asking an aluminum bodied coil over shock to support front end weight does not make a street-worthy alternative.
Caltracs do work but are not much fun daily driving or if you need to use your truck as a truck every now and then.
Rancho shocks are not much of a better option for drag racing then regular shocks. Your only practical option is to set them on the stiffest setting.
Double adjustable shocks up front to control rebound are money well spent. Cheap spring clamps work on the front of the pack and are much easier to install/remove.
Factory 16" aluminum wheels are cheap, extremely light, clear factory brakes without issue, and are stronger than most any aftermarket wheels so it's an easy choice to want to use them.
If you want a wider rim for more tire and have the budget, call Real Wheels. You can have the width, backspacing, and beadlock design that will do it all. If you run slicks and ever cut a tire/tube at the track, having a beadlock makes it practical to quickly patch/repair to keep on racing.
Tire height will be the limiting factor in tire options. The M&H drag radials are popular but are overprice in my opinion. Toyo and Nitto are a popular compromise tire. I like the M&H cheater slicks because the softer sidewalls help cover up a poor suspension set up and will flat out hook up better on marginally prepped tracks.