She's PURDY... All of the things you suggested are doable with time and money. Being that it's not original as it sets now you shouldn't have the pain of trying to decide if you should modify it further.
I fall into the straight axel category, I just couldn't bring myself to cut the frame. The ride and height can be soften up with some easy mods, power steering and power disc brakes are a common modification so the knowledge is there. From the look of your truck I personally would hate to hack it up. But as we say "It's your truck", either way the folks here will jump in and give a hand.
