The trick will be finding axles with brakes that the wheels will clear. You might need to try looking for '60-'70 drum brake axles, those might end up being a little wide. Might be worth checking into late '70s-early '80s Toyota Hilux or Land Cruiser axles. They are 6 lug closed knuckle Aisin axles (drop out 3rd member style), on some years of the Land Cruiser, the rear axle is also full float. I can't say for sure if the wheels will clear the brakes, though.
For the transfer case, if you go with a divorced setup, it will be a non issue. Alternatively, I believe Advance Adapters does offer several adapters to fit various t-cases to the T5.
