On mine I had to raise the tranny tunnel just in the shifter area mostly 1" and I had a 2.5L manual and did a 2" Z which is all that is needed. This will also clear the hood without a bodydrop and will clear an edge hood with a bodydrop.
It will not effect your steering.
I have a ton of pictures from when I z'd the frame and relocated the wiring harness here:
http://www.cardomain.com/ride/248636/5