Inner fender adjustments are the least of your worries. Steering box and manifold interference is listed as the biggest hurdle when installing a v8 in an AD.
Advantages to a v8 would be power and speed, but you knew that.
Disadvantages will be fuel mileage, depending on how you drive, and all the work and money it takes to pull off a conversion.
I think another disadvantage of a v8 in an AD is that everyone has one, it's a "belly button engine" as they say.
Personally I don't look very hard at an AD with a v8 when I see them in truck shows.
Consider what you want to do with your truck, then think about engines.
I suggest a 261 or something completely different, like a diesel.
What size truck do you have?
Grigg