i had an '03 f350 crewcab long box with the 7.3l and the 6 speed. weighed 8000 pounds, had a 2" leveling kit and 35" bfg a/t. averaged 16-17 mpg uncorrected, with 3.73 gears and an evolution programmer. i miss that truck. climbed hills, was flexible enough to do some decent fourwheeling with out lockers and extremely comfortable, best riding one ton i've ever been in. plenty of power with just the proggrammer. not a hotrodder or tractor but would get there with a heavy load, hauled many 20,000 pound loads with that set up. that being said here are my thoughts
-suspension-
1)excursions are awesome to but the rear springs are a funky w shape if i recollect but can be replaced with f250 springs to fix the axle wrap problems of the w springs.
2)2-1/2" leveling kit for 35"s or donahoe racing stuff for higher. both ride very comfortably, (i'd do the leveling kit)
-drivetrain-
1)7.3l i had was very low maintenence just oil changes and fuel filter changes, from the power stroke forums there have been a lot of guys having problems with the early 6.0l, '03-'04 but there are fixes if you get one for the right price. the '02-'03 7.3l had powdered connecting rods that won't handle much more than 350hp. my suggestion would be the '99-'01 model.
2)transmission wise i would swap out the auto for the 6 speed manual due to simplicity and toughness, plus it shifts nicely and has the perfect gear pattern, reverse on top of low. if you kept the auto get a deep tranny pan with magnetic and temp sensor, and a shift kit of some sort
-power-
1)powerwise very simple
a)guages-fuel pressure, pyro, boost, tranny temp (especially if you kept the auto)
b)exhaust-cheap 4" aluminized
c)programmers look at dptuner or sct both very good
d)big honking air filter with covering
-tires-
i'd stick with 35" tires on a 16" staxworks bead lock. lots of places have 35"s stocked, (i like the new goodyear mtr)
-bumpers-
light but strong enough to take on an elk with winches front and rear and good lighting
-rocksliders-
1/4" thick to keep her pretty with amp research steps mounted underneath
-axles-
a)the early excursions had the dana 50 in the front essentially a dana 44 stuffed in a dana 60 housing, i would replace the dana 50 if it broke with an actual 60 and ditch the unit bearings for dynatrac units better mpg.
b) arb locker in the front and detroit in the back
c) gear wise i would use the 3.55 gears for better mileage, 3.73 and 4.10 were both popular choice for ford
on board air, waste veggie oil tank, and i think that's about it
apologies for the long post hope it is helpful