Righty is raising, lefty is lowering on the torsion bar adjuster bolt. Counter clockwise is not the way you want to go to lift it. It is hard to visualize all the parts that move, so it is easy to think it works backwards from what it actually does.
If it is the first time you have done anything with them, make sure you have something holding the truck up (like a jack, better would be jackstands or blocks) because they can snap if they are siezed up tight. I broke one on my 79 but lucky for my I had a huge block of wood sitting just under the frame. The bolt snapped and the truck dropped the inch between the block and the frame, coming down hard and fast. With nothing holding it, they can drop down a lot, right when you are under there to get caught. It also doesn't hurt to have access to a spare bolt lined up. I pulled my replacement from a 77 2WD truck. The torsion bar is a little different, but the bolt and the half moon shaped nut deal were the same.
I have the same size tires on my 79 and they only rub if I crank the wheel and really try hard to stuff one of them up in the wheel well. I think I have 2-3 inches of lift in the suspension, 2 inches in body lift, and the back side of the fender has been cut a little. Some of it depends on the offset in the wheels you are using. I previously had 215/75/15 traction tires on it that rubbed worse, but the wheels stuck out of the fender quite a bit more than what I have now. There is a lot you can get away with for big tires that will work up until you get them off the road though. If it rubs just moving down the road, you can bet it will rub good and hard coming through a rutted out trail.
Also, seems like I am advertising for them lately, but a good penetrating oil will work better than WD-40. I like PB Blaster. WD will work better than nothing at all, but
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