When this is done, think of it as lowering the wheels with relation to the frame. This means that at resting height there is less downward wheel travel to absorb potholes and the like. The effect of this it that the suspension will top-out more quickly (with only about one inch of downward travel) and you will feel a jerking as the wheel tries to follow the terrain, but can't. How this affects the suspension components, I am not certain, but it can't be good.
Whether you will like the ride quality is a personal perspective. Remember that the change is easily reversed in the case that you do not like the ride.
If the only reason you are contemplating raising the ride height is to clear the wheel well, maybe you can manipulate the inner fender so it doesn't hit. I had some minor rubbing and I heated the plastic and reformed it with a wood block. You don't state what size tire you have, so it's hard to know whether this will work (mine are 265/65-17 Revo on 17x8 with 3.5" backspace).
