I worked in Central America for many years, and mud was generally not my biggest problem. Blown shocks and cord separations in the tires were my biggest problem, but that was mostly due to the fact that I was young and I drove too fast. Volcanic soils do not make very problematic mud.
A lift kit might not be a bad plan for a Suzuki. We used to tear the exhaust systems off of 'urban 4WD vehicles' with some regularity. Only the old Toyota Land Cruisers stood up really well to all road conditions encountered (this was in the 1970s). 9 of 10 vehicles you saw in the back country were Land Cruisers. The old Land Rovers were OK but pricey, and the aluminum bodies would crack around the attachment points after a decade of rough roads. Half-ton 4WD Ford pickups were the second choice pickup after Toyota Land Cruiser pickups. Other American vehicles (including Jeeps) were rarely seen outside the cities or off the highways in those days. My office (a US-based foundation) had a Blazer and a Jeep donated to the office. The staff used them to commute in the city. We rarely took them out in the country.
Nicaraguan highways are mostly not too bad, but I would avoid a lift kit due to increased rollover risk if you are driving highways in Highland Guatemala or Salvador a lot. There, your biggest threat is rollover when you get run off the road by people passing on two-lane mountain roads(which WILL happen).