My suggestion would be to do a comparative analysis on the cost of the conversions you want to make and go with the best alternative.
I have done numerous disc brake conversions and also some Toyota steering conversions. None of the steering conversions were done using a dropped axle however. In your case doing the brake conversion, dropped springs/axle, and the steering conversion could become costly and you still have a straight axle. While mine works great, had I not gotten most of the components for a smoking deal or free I would not have gone this way. There are independent suspension kits out there that give you brakes, steering, and lowering in one operation. Of course the booster/master, PS pump/brackets/pulleys, and the column would have to be considered in either option. I don't have a problem with conversions that make a vehicle safer or more driveable but you have to make smart choices.
Fred
As mentioned, engineers had something in mind when these vehicles were designed. If someone suggests heating and bending a pitman arm to accomplish some goal that is probably a good way to find yourself upside down in the weeds.
