I think this would be an interesting build, but seems to me this is a waste of some fairly heavy duty parts. Why on earth would you need a 727/ 8 3/4 in the thing, or even a V8?
Is this one of 'em that was what, an Iron Duke, 'er somthin, and a 'glide?
If you REALLY want a project, convert it to 4x4!!
