2004 F150 2 1/2 lift kit
 

Has anyone had any problems with oil pressure or bearings etc after installing a lift kit?

A lift kit should have no effect on oil pressure. However, once you've installed the lift kit you have to adjust you camber or it will effect bearing wear.

Do you mean just have it realigned. its a leveling kit. not a lift kit

If your leveling kit is the type that puts a spacer on top of your front struts then yes, you have to have a complete alignment done. By forcing the strut downwards it forces the lower control arm downwards also, thereby changing the position of the tire vertically, with the weight on wheels.
I think the average garage does a complete alignment for around $60. Hope this helps.

appreciate it. Thanks!