I don't recommend the S-10 chassis swap for your truck, being that it is a panel. I've put my 46 GMC pickup on an S-10 frame. There are some clearance issues with the frame at the front corners of the cowl that take some creativity to get around, and the S-10 frame kicks up a lot, which isn't as big of a deal in a pickup as it is in a panel. You'll have to bring up your floor in the back quite a bit, unless you want the body to sit 8-10" off the frame. It's not a good option for non-pickups. I had to raise the bed floor about 4" in my pickup because of the rear frame kick.
Here's what I recommend (and I'll probably get flamed for it):
Get a fuel injected 4.3 or 350 from a newer donor, complete with the computer, etc. You can get wiring harnesses for these for $300-$400 to make it easier too. Put in a new universal rear end kit with either leaf springs or a 4-link with coil-overs. Either will give you better handling and sway resistance when towing a trailer. Hang a rear end of the width you want on this suspension, with 3.42 or 3.73 gears.
Put a new straight axle under the front end (dropped if you want), or just get a disc brake setup for the front axle that's there. Either way, it should have discs in the front, with power brakes. You can get a uni-steer rack that works great with the straight axle front suspension.
If you do that, you'll have a nice handling vehicle with a reliable modern engine that you can get parts for almost anywhere. It will also look more along the lines of stock.
Last edited by 46gmcpu; 08/31/2012 11:06 AM.