Ford Repair: 94 Bronco Front is broken, excess stress, question pool

Question
Over 35 mph it starts to hop.Wheels are bowing inward and now parked.Would rebuilding this front end and 2in lift make it better or should i just find out what is actually wrong.And go from there.There is also a piece that is cracked under neath but i don't know what it's called.  

Answer
Sorry for your wait. I nabbed your question out of the question pool. Replace any defective parts before doing any kind of modifications. To find the name of the broken piece, I suggest getting a vehicle repair manual, or looking at the manuals at your local library. For future reference, any lift or drop puts excess stress upon the existing parts.