My father has a '77 Camaro stub in a '46 1/2 ton with power steering. The truck has about 4" of daylight under it. Handles like its on a rail, much better than the Muskrat II in my '53. You will need to be aware of your rim backset, as not just any rims can be used. If I had to do it over again, I would take about 2" out of the center, but I'm being picky. Realistically speaking, the cost will not be as bad as you might think. The typical clip will need loaded calipers $35 ea., new rotors $50 ea, ball joints $15 ea. Bushings rarely need replacing, and its not likely the tierod ends or centerlink would be bad either. The rest depends on how fancy you want to go.
Don't waste your time with upgrading the stock setup if you don't really want it. Save your money and do it right the first time. Running around with 10" of daylight between the top of the tire and the fender is seriously tacky.
Not that I condone this, but...
When mounting a rack to a straight axle, you need to use a slip joint between the rack and column such as a "D" shape GM. The problem is that it creates a wear area that could fail faster than normal in parts that were not really intended for that purpose. I know of a couple of these running around town for several years now without problems. I would go with a Vega cross steering setup instead.
The main advantage to the muskrat is that the kit versions come made to fit for your particular aplication. It's trading time for money. It's also a more compact design which allows it to be used more readily in 30's, 40's vehicles.
