I'd be going a different direction, based mostly on stuff out there not rusting:
80's S10 4x4 + Astro/Bravada AWD transfer case + Blazer disk brake rear end + series 2 3800 + turbo + Megasquirt
Rust free body out there, easy parts, swaps all weekend-able and can roll in and out of the garage in the bed. Rebuild the motor in the garage when you are swapping parts for the rwd conversion and learn to speak Megasquirt on an engine that's been done a time or two already. All done use it as the parts chaser for the next project, scoot it around a track or sell it off and start the next project.
