I have considered this swap myself several times. I drive my 48 3/4 ton to work daily and have no complaints on the way the truck looks, being a long bed and all. The only thing about the 3/4 tons is the low gearing, 4:57's and those darn safety wheels. I have 2 half ton parts trucks with good frames and drivelines. The steering and brakes on both seem fine too. I consider the open drive shaft for the back half to be an improvement to the full torque tubes in the half tons. This will let me put a blazer rear end in the back, leaving the original tranny and driveline and if I want, replace the 8-hole front end with one of the half tons. I am still debating on what to do. I dont mind the 40 mph so much as the noise of going 40 mph. I may rehab and paint one of the half ton frames and then transfer my cab and rear fenders over to the half ton during painting and assembly. One of the half tons is a 51, so I would get rid of my hucK brakes with this swap as well. I also have a complete 51-3/4 ton rolling chassis to use for parts for my 48-3/4 ton if I need. So many options, so little time. Right now, I just drive it.
Ralph