There are as many different ways to build a truck as there folks that want to build one...
One disadvantage to swapping the old body on a new truck is you're stuck with an independent front suspension if you want the Duramax. Also if you don't like body work and prefer mechanical stuff then a body swap may not be any fun.
Swapping everything but the frame and sheet metal is a lot of work but you know what you have when it's done. You get to make all the decisions on what parts to use and how to put it together, that's the fun part for me, researching and deciding what the best parts for the job are and finding or making them.
I think your schedule and budget are a little on the short side, but it sounds like a great project and something you'll be proud of when it's finally all done.
Grigg