I used the old wiring 'paths' as a guild. Either make very good notes or take a ton of pictures, you can't take too many, of the wiring if you are going to start with a 'clean slate'. You may also need to renew the gromments and sleeves at pinch or rub points. If you just pull it all out at once you may not remember where these need to be.
absolutely do this.
also think about what you ''may do'' in the future and add it now. ie back up lights, fog lights, any switches you think of, speakers and/or modern radio, modern cig lighter w/ light, hidden 'kill' button, add more ((grounds- cab to frame to bed to radiator frame to tail end,tail lights)), relays (for at least the headlights & horn). LED dash lights for bilnkers (green), alt (amber), low oil pressure(red) and highbeams (blue). LED taillights.
http://s67.photobucket.com/albums/h298/1951otter/?action=view¤t=10A.jpg and a three wire alternator >>>> LED dash light for alt idiot lamp (amber).
i made my own wiring harness (cause the PO started but used ALL red wires.
his whole complete diagram
fit on one page of binder paper.
i added 6 relays for the higher wattage uses. a new (10 position) haywire fuse block.
terminal distribution blocks
http://www.madelectrical.com/catalog/cn-1.shtml http://www.madelectrical.com/catalog.shtml 3 or 4 fuse links (homemade) but are avail @ napa or
http://www.madelectrical.com/catalog/fusible-link.shtml water proof connect plugs,
molex connectors ...
http://www.action-electronics.com/molex.htm#Standard heat shrink tubing, soldered.
split wire tubing like this ...
http://cableorganizer.com/wire-loom/ 
COMPLETE accurate wiring diagram
just great fun doing this project.
WHAT an education this has been.
