I am mostly done with such a build. 97 F250, crew cab, diesel. I paid $16k for the truck with 100k miles on it. I swapped the ttb Dana 50 for a Dana 60, G2 chromoly axles and G2 hubs. For suspension I put Atlas progressive springs in (love them, super smooth) and Rancho 9000 adjustable shocks. I would stay away from those. First trip out to death valley and one was puking fluid. The second trip the adjusters quit working. I will be upgrading to Fox shocks as soon as money will allow. I could ramble for a while about the build, let me get to pros and cons.
Pros far outnumber the cons. Parts are abundant and cheap, more room than one might know what to do with, really good mileage for a big truck (15 mpg with a heavy foot) and LOTS of torque. There is still a pretty big aftermarket for these trucks, so suspension ideas are limitless. Very reliable truck.
Cons: Large and long footprint will limit trails. I don't think I'm going to try the Black Bear Pass switchbacks or the Rubicon. For some reason I go through a heater core every four to five months. My next step is to have a brass one custom made and hopefully that will take care of it. That's it. Only two cons.
I spent a lot of money on my truck but I did a lot of stuff that didn't need to be done. If I eliminated those things, I would be into this truck for $20k. I am into it about $35k over the last five years. I still have to do gearing and lockers, bumpers and winch. To me, worth every penny. I would not go with the 460, due to fuel consumption alone. If you went with SD body style, I would say the same about the V10. I had one and it drank as much as the 460 and got passed by big rigs going up hill. I hope this helps. Hit me up if you have any questions.
