Here is where I'm heading unless someone has better suggestions. I just recently acquired a 48 3800 with wood flat bed, updated interior, restored cab and fresh paint. Original drive train, motor has a knock. Wish list, v8, new wheels, lower but not slammed, shorten frame and add 6 ft bed and rear fenders. We also just found a 48 1/2 ton, lots of body rust, no motor, rear fenders and bed in ok shape for about $200.
I'm thinking, take the 1/2 ton, pull the cab and drive train and sell for parts, restore rear fenders and bed, add v8, auto, modern rear end, dual reservoir brakes, IFS and when done take my 1 ton body and put it on the 1/2 ton chassis and sell my 1 ton chassis for parts. Any reasons why this won't work? I can still drive the 3800 while doing restoration, I already have a V8 and Auto, when done I'll only have about $5000 in the whole project less anything I get from the parts.