There will be a little modifying either way. If I am not mistaken, its not the suspension travel that is the issue with 35's on a tundra but the O.D. of the tire hitting the front and back of the wheel-well.
Dependent on wheelbase length, the lower you can be with a larger tire, the better. Better stability, drivability, cab/bed access. I like the looks of lifted vehicles (to a certain extent) but it does usually open another bag of worms and becomes a domino effect of part changing and issues down the road. Nothing a little $$ and know-how cannot fix, but none the less.
IMO.