My son has a 2001 350 ES 2wd with a 2" lift and 27" Pirelli Mudweisers(basically a mud Lite) and it surprises me what all it can go through.

 

Strech swingarm 4-6", custom lift 2-3", snorkle it and seal up air box, rerote all new vent tubes up the snorkle, 27+ tires (my 05 clears 27" stock without amy lift), axle paddle,if want to spemd a little more you can do a 375 bbk rebuild head with bigger valves and seats along with port& pollish job and a slip on muffler.

 

I'd forgo the swingarm stretch on a 2wd to keep the rear tires as far under the bike as possible getting the most weight transfer onto the rear tires as a stretch will move the weight off of the rears making for less traction on a 2wd that you only have the one driven axle...Step up to some good 27ish mud tires out back,keep the fronts as wide as possible for flotation across the mud instead of them sinking,or plowing downwards,air the fronts up,add a camshaft,port n polish,install larger valves,and valve seats(should be mandatory on the 350s),install a high compression piston,swap in a 400ex carb,a larger diameter header,and any free flowing muffler(FO-4 is cheap,and will work fine for mudding),a single 2" snorkel,fully seal,and grease it,lift it as much as possible since you don't have cv axle angles to worry about,install a better u joint out back that allows more angle,and is heavier duty,delete the rear brakes,install a centered 8 paddle axle paddle,add a one piece skid plate that covers as much of the undersides,and floorboards area as possible to slide across mud,obstacles,etc.and go have fun,and forget about showing others up,it is all about having fun not who has the best,or who has spent the most,or who can outdo any one else,it's a fun toy,a way to relax,and have fun on...But if you wanna get serious,and have deep pockets,stroke it,re sleevge it,bore it,hc piston it,special order a cam,install massive valves,hd springs,and seats,fully port,and polish the head,intake,exhaust ports,upsize,and polish intake,huge carb,custom airbox,fully snorkel it with 2.5-3" piping,custom 75% larger full exhaust,swap rear diffs to a better mud gearing ratio for the new power instead of a gr,custom ecm with a higher rpm cut off,etc. then go show off all you want to on 31s,or 32s... 2wd means all of the power is routed to the rear diff instead of to a t case,or a mid differential so you should be able to turn the tires better than a 4wd,plus a 2wd weighs a bit less,the lighter it is,the better it will go,and mud so lightening the frame,and lose the racks,trim the plastics down,lose the headlights,taillights,toolbox,footwells,and any other weight you can,plus full skids to help the chassis glide across the mud ...