A small 2.5" lift isn't a very accurate statement. You can lift to about 3" (some go more). So you are going about 1/2" from max lift. Lowering the differential is importnat. You mght consider just lowering the differential by about 1/2". That can be achieved by stacking washers. Purchase as many 14mm (I.D.) washers as is required to equal 1/2" thick. There are 4 mounting locations.
As mentioned above, a before/after comparison is a good idea. The axles should be relatively level. When you lift it determine if it is not level then lower accordingly. The most commonly used is a SuspensionMaxx part including 4-3/4" spacers to insert between the mounting flanges of the differential and the frame.
Should you not do the differential lowering, two of the concerns is tearing the CV boots, and destruction of the CV Joints themselves. When the axle angle is indeed an angle, the boot is compressed (like an accordion) and over time the boot rubs on itself and wears holes in the rubber. Once there are holes worn in, the grease from inside gets spun out during rotation. When there is no grease then the CV's run dry eventually wearing out. Unrelated to grease/boots, if the CV's are put under too much pressure during offroad use, you'll end up breaking one (or both).
Other concerns with max lifts (you aren't lifting max) are Upper Control Arm (UCA) that crack. Ball joints that wear out prematurely. And alignment issues. The cam adjusters can only take up so much adjustment. It is highly unlikely you will have ball joint, UCA or alignment issues with the spacers installed though.
Counting the number of turns is a good starting point, with stock keys and no spacers. You have to remove the bolts to insert the spacers. You CAN count the turns required to remove, then turn the same amount, however at that point you will be lifted higher because the spacers have tricked it. It's just time consuming to do that in your example. Should you elect to count, just put a mark on the bolt head. You are probably going to be turning in 1/4-turn increments and have to get a new bite each time with your breaker bar. So you can easily see how many times you've turned the bolt.
I can't believe I'm writing this all over again. haha Jack up the vehicle and support the frame with a jack stand. Unweight the suspension components with your jack (don't allow full droop) so the torsion bars are unweighted. Remove the bolts for the keys. Insert your spacers. Thread in the bolts. If I had to guess, you are going to have to turn in the bolts almost all the way to achieve the lift you are after.
Since you are adding spacers now, there is no need to add any keys in the future. You're doing the same thing with the spacers.
Eagleknight is correct about the torsion bars. They can be purchased from GM Parts Direct for I think about $50/ea. That's at least as cheap as the cheapest keys you can find. The labor to replace bars vs. keys is nearly identical. Folks on new trucks get at least 3" of crank on their truck with no keys. Should you find the spacers haven't given you adequate lift to match the 2" raised rear you might consider bars. Otherwise, installing the shackles and spacers is a quick and simple approach.
All of this information is partially usable because no matter the method you choose, you don't want the hub/fender to be greater than what I previously mentioned. It doesn't matter how you get there, the final results are the same.
I know I know, there is a tone of blah blah blah in here. You can just install shackles and spacers and lay your seat back and drive what looks like a more cool truck, but it's nice to know how to keep the cool truck operational for years to come.
My apologies for such a lengthy post, but I didn't actually say anything that you shouldn't know.