Toyota (and everyone else w/double wishbone setups FAIK) designs their front suspension so the lower control arm pivots parallel to the ground, and the upper control arm has a slightly positive angle of attack.
This ensures stability during compression...a frost heave or hard landing is the last place you want an unstable truck.
I don't think anybody has posted alignment numbers yet, much less min/max caster, for lifted 07s.
You're correct, when you lift you lose caster, so you get what you get to some degree. There's a range tho...on a 1st-gen it's a few degrees, you should still be able to get a good alignment with a mild lift.
Less caster means the truck will be less stable in crosswinds, ruts, and chatter, will wander more, and will follow any tilt in the road much more compared to the same truck with higher caster.
Chaos increases the caster angle by moving the upper ball joint position slightly aft from stock. This does nothing but help
...and the arm should provide about as much travel as a 1st-gen with a long travel kit since the 07 arms are longer
.
-Sean