I got a flat in my left rear tire today... I had never actually worked the spare tire lowering mechanism before, and this was my first time actually cranking down the spare. My previous truck had the "pull the release, and everything comes crashing down" mechanism. Once I got everything down, everything went well, but getting the crank to fit correctly to lower the spare was a pain...
Run some electrical tape around your lowering bar so you don't chip your paint where it rides on the metal, always was a little disappointed that there wasn't a rubber grommet where you insert the shaft like some other trucks have.
I've got a question along this line. I have never had to drop my spare since I have owned my 2002. "Knock on wood". When looking at the spare it is installed with the inside of the rim facing down. Therefore there is no way to check the air pressure in the spare without lowering it. Is this the way they come from the factory? Mine had some kind of anti theft device installed at the dealer so they could charge 3 times the price for what it would cost if the owner did it himself. Did they just put the tire in upside down?
When I placed the spare tire back on, I noticed that I could place the tire with the valve stem pointing down. Seeing no harm, I installed the spare under the truck in this new way. I checked after a week, and nothign appears to be rubbing, and everything looks straight.
I don't think there's any other way to check your spare tire's air pressure...