Welcome to CHR, sounds like a neat project you're planning. I'm not much on off road 4 X 4 stuff, but from drag racing and playing on the street, I've to to agree with the guys suggesting to upgrade for a 44. They break way too easy!

I'd also offer the only 2 true rules of building a Hot Rod;
1. It's going to take longer then you thought.
2. It's going to cost more then you thought.

Sounds like you have the facilities, tools, and equipment lined up, go for it!!!!!