We have done so much without a lift and 265/70R18 AT tires. We are planning on doing the White Rim trail out at Moab this year, which is around 90-100mi off road and a multi-day trip.
The LC has excellent articulation from the factory, and MOST lift kits will reduce that in the front (Including those from ARB). Yes, you can do a 5/10 trail, but all trails aren't created equal. I would start with every piece of armor that Toyota sells, along with rock rails. Then, invest in a lot of recovery equipment. Figure out the limits of the base LC (which are VERY high) and yourself. My limit is a 5/10 on well know routes, and a 4/10 otherwise. The issue is, especially here out West, that 4/10 can become literally impassible in the rain / snow / or depending on season. 5/10 trails may have some very steep ledges or drop-offs that you would feel comfortable doing in a beater, but not a $70,000 brand-new Toyota.
My first trip to Moab, it was bone-stock, including the OEM 245's. We did some very fun and scenic trails (which the most scenic trail in Moab you can basically do in a Subaru) - so not all trails are created equal. I want to say we did 40-50mi off-road the first day.
Worst thing that'll happen (for me anyways), is you need to track build or choose an easier line. Not every obstacle on the trail needs to be tackled, and this isn't really a rock crawler by any stretch. I've had to get out and build a lot of track, it takes a little time, but that's the fun aspect of it.