I don't see any issues with a well done lift on the Raptor. Sure it isn't great for its primary purpose of being a desert truck, but as with any vehicle, you buy it for your own purposes not those of the other members of this forum, many of which seem to think you must use your truck exactly as they do.
In relation to the 4"lift by Fabtech, I think it is a fairly well done kit with better steering knuckles and well thought adjustments to maintain the stock coilovers and control arms, keep good angles and still permit 37s with stock fenders.
My biggest concern wouldn't be the front end but the back where I believe they give you a 5" block for the leaf springs which helps maintain close to stock rake after the 4" front lift.
I would prefer to do 4" on the front, then skip the 5" rear block. Instead, buy +3 Deavers and remove the 2" stock rear block. I think this would result in a near level ride, just plus 4" in the front and +1 in the rear. (Stock has rear about 3-3.5 higher so +4 front and +1 rear should be about level).
Sure there are some COG issues with a higher ride, but depending on your intended use I doubt that would be a big issue. As far a part wear, well that just comes with the territory whether its racing it hard off-road, moving to mid or top perch or lifting the truck. You take that risk because of the functionality you want.