Check the balljoints, if they are good, leave them alone. Since you are just learning about your frontend, I can guess you have never changed the balljoints on one of these trucks. I have done a few, and it's a BIG job. You have start out at the hub, and work your way in, taking the spindle off which can be a job in itself, and busting the knuckle loose, and then getting a balljoint press and pressing the balljoints in and out.
If you do find they are worn, it's a good thing to go ahead and check the axle shaft u-joints, axle seals, etc. You don't want to do this again.
I believe you are correct also, if you took some of this lift out of the springs, it would bring the tire back into vertical. Drive it forward on level ground and stick a level on the side of the tire to check for being plumb. This will not be exact, but will definitely get you in the ballpark.