Brakes are the first safety issue I see with your kind of project. You need to reduce the weight of the truck porportionate to the reduction in braking capacity.
When you start modifying frames such as the KillBillet example the quality of welding becomes a safety factor, if your frame won't stay together other serious problems follow.
And while we've not talked steering, the approach on that KillBillet truck was to relocate the steering box and though it wasn't clear from the pictures I imagine the drag link was lengthened. That would need to be done correctly to avoid loosing steering.
Z'ing the frame in the front and flipping the font axle both are likely to change the steering setup, again possibly leading to dangerous conditions including failures.
It's not that these changes can not be made successfully, but rather that unless done well by someone who knows what they are doing, they may cause unsafe driving situations.
A common response is that these kinds of changes are made on race cars all the time. That's true, but its also different. Most race cars are inspected carefully before and after each race. Very few of us are that careful with our hot rods and therefore I feel we must be more careful in the design and construction of them.
Someone I respected died because someone else made a careless mistake of this type. I take it seriously but try to do so by encouraging everyone to do it right, not by discouraging the hobby.