Marn, I bet yours would honestly be cheaper... probably $1500 in deavers, $3000-4000 in shocks, truss the crap out of those dana 44's hoping for the best, $2000 in cage/chassis materials, upgrade the brakes (maybe), $1000 for some 35's. Go see what it does... Motor, well that's all you! Notice I never chime in on the motor questions. I try to speak first hand and well, I leave my motors stock and reliable. LOL
It wouldn't be as fast as the race truck but I bet it would crawl a ton of places!!! Specially if you added some more cash for lockers!!!! And I bet it would get you there surprisingly quick! I'd go cheaper on shocks but with the size of yours, might as well just step up to 3" bypasses and get it over with.
Only way though is if we can cut the roof off it!!!