Hey @lubootgater,
My opinion, go for the lift if by protection you mean under-body armor! If you are not rock crawling, you won't use the armor, on the other hand, you will use the lift regardless for ride, load, water, mud, and clearance. Also, the lift will help avoid the need for armor. If you mean bumper, I recommend critical upgrades in this order:
1. Rack
2. Lights
3. Front Bumper
4. Tires (if tires fit without lift)
5. Lift
6. Sliders
7. Rear Bumper