Ah, if you're just towing a waverunner that changes things a bit.
The hitch receiver doesn't really have to be changed...the regular one just looks funny with a body lift, IMO. WHat happens is the bumper ends up sitting 2 inches above the hitch assembly so you have a gap. With the 3" body lift it looks even more weird.
You can easily tow light loads with 32" tires. You really don't need a body lift to run 32" tires either. A little trimming of plastic and maybe crank the torsion bars up an inch or so and add an AAL pack in the rear springs (not necessary, but that will give you a small lift for cheap. You also won't have to worry about the tow receiver that way either. You still may want to get a slightly longer tow hitch insert, but they don't cost much. Just depends on how high off the ground the hitch ball ends up when done.
Anyway, you'll be OK with what you had in mind. I had a vision of you running 33's and towing a 4,000 lb ski boat or something!