I have transits on my truck and am after a similar stance. I'd say that truck is at a 6" drop all around and definitely those are painted lips. The photo of my truck below is where it's at now. It's a 4/7 drop. I still have to add drop spindles and blocks which will bring it to a 6.5/8 drop. The truck in question most likely has 2.5" drop spindles with 3-4" springs. That's a large drop for springs but it is doable with some modifications and attention to details, specifically alignment issues. In the rear, it probably has 4" springs and 2" blocks. I have the same plus a 2.5" z'ed frame which allows me to get the rear lower for a more level look. Usually you want the rear 2" lower if you prefer the leveled stance. For front tires I run 265/35 which are probably what's on all 4 corners of the above truck. For the rear, I wanted something a bit larger so I went with 285/40s. Overall, the truck rides really nicely. Sure, there is the occasional unavoidable bump that really jars the truck, but if you like the look then it just takes the conscious effort in knowing what you've got and its limitations. The nice thing too is w/ the 22s you can really lower it down quite a bit like this and still maintain decent ground clearance. I think my lower control arms will still be 3-4" off the ground at a 6.5" drop up front.
