Well there you go, if you can get the eng and stuff for that price, then you're half way there

Yeah, I know what you mean with the 160+, my aunt and uncle used to be drag racers (Pontiac), now he just builds HiPo Pontiac engines. I love the speed, and I'm always gonna have to have a vehical that can take off fast and keep going until I say stop, not the engine/rearend.
I was going to suggest looking into those custom frames, but I don't know of anybody that builds frames for 1.5T and up...just 3/4T and below. I don't see why the steering wouldn't clear the engine, since you'll be using the PS box on the outside of the frame...
Just wait until GL gets here, he might yell at you

Changing a stock big truck all around

I don't know if you'll really need sway bars though, I've seen a lot more trucks redone w/o then than with them, even the hot rods. Since you're gonna be pulling stuff, I guess you'll be going for a 3/4T late model truck, you'll need the heavy duty stuff of course, and with airbags out back it'd be even better to haul things.
This is getting long so I better go now, but since you said you want the money going to the good stuff..I'd just focus on making a great chassis/eng/tranny/rear, forget about the rest (AC/little things) until you get there. Is it gonna be rodded or what? A little lowered, wheels etc?
Nate