bronko69er - you got that right ;D
If tall rigs were the way to go, you'd see XXL buggies in the comps, rather than moon buggies. Definitely keep it low.
Good skid plating is key, UHMW or 6061 Al or something like that is good for you (I'll probably wind up using mild steel until I can afford some 6061)
H1 wheels rock, but they do come with a huge weight penalty, so be aware of that. Remember, the lower your rotational mass is, the faster you can accelerate, and the less load it will put on your axles (the same theory applies to race cars, and why they'll run such lightweight wheels) for us, finding that compromise between light and strong is a challenge. There are several cool options for runflats, you can cut down the magnesium ones, pay out for Dean's cool ladder type, score some PVC, or do some digging to find the same rubber ones that Hutchinson's use. If you don't cut down the stock magnesium runflats, you'll cut tires at such a low air pressure, a lesson learned from watching my buddies do it.
I'm using 3.5" BC coils in front, with the buckets moved up to lower it back down, and some TJ rear coils in the back with custom buckets I'm fabbing up based on an idea I saw somewhere else. I'm adding about 8" to the radius arms, I need to get my templates cut out, and build a jig to get them welded up. I haven't finalized how I'm mounting my shocks, most likely some home made hoops in the front, off of the engine cage, and in the back, cut holes in the inner fenders and mount them to a spreader on the cage that I'll gusset to take the load.
It's running 36x13.5x16 Iroks on some aluminum wheels, they're as tall as my 38" TSL's were, but half the weight mounted on the wheel. I'm hoping it'll work out, since I'm keeping the 170 until it poops out (then it'll be a 300 ;D )