Lift or armor? Which is a must at first?

(Not having read the whole thread) IMHO. I would do lift first! Ground clearance is more important than armoring. There is plenty under the car that can leave you stranded in a heart beat. Doors, panels, dents, can be pricey to fix, but still the vehicle would be drivable. Hitting something under the vehicle... different story! If it comes to one before the other... I would do lift...
 
In my Jeep TJ the first things I bought were rock rails and an oil pan skid. After that I did my lift and the last thing I really want is some differential protection.

I'd recommend going out with your rig a few times and seeing if you rub on anything. If you do you will know if you need more lift to do what you want to. If you don't then maybe some armor would be all you need for the occasional bump and scrape.
 
In my opinion, I personally would get a trans and engine skid before any other mods. With good protection you can always slide over obstacles, and keep on moving, where as with a lift you may avoid some obstacles from hitting, but it only takes that one rock to hit your trans case or oil pan and it’s game over.
 
As far as the WJ goes, go check out the local junkyard and look for an overland edition. They have the skid plate package from the factory. They are pretty decent. I have an Overland and have banged them on a few rocks with just scratches. That would save you some money and you may be able to do the lift as well. That or if you are looking to buy new, Clayton makes super beefy skids.