Hy oz07, welcome, I'll deal with the tranny first, for a half ton the T5 should be more than adequate, the NV4500 is really a medium duty truck transmission, and would be overkill in a half ton. A lot of rear axles that didn't come from the factory with disc brakes have kits available to convert them to disc brakes, just look around at the various brake suppliers, and make note of what kits are available, and then you can zero in on an appropriate rear axle. The engine is totally your choice, lots to choose from. Now to the safety aspect of driving a 1938 designed vehicle at todays freeway speeds, suspension and steering upgrades should definately be considered. One more thing you might consider, transferring the body to a more modern chassis, quite a few AD trucks have been mounted on S10 chassis, hope that helps.
Last edited by 3B; 04/01/2011 3:29 PM.