Chris, wanted to thank you for your help this week getting squared away on the 4x4 conversion. It took me and one of our mechanics working an average of 5 hours a day, so we were closer to 50 hours than your estimate of 40 hours - but we probably had at least 10 hours of head scratching time as we read the instructions, etc which you wouldn't have to do.
Between Monday and Friday we were able to get everything done except for the drive shafts and the parking brake extension. Drive shaft guy pushed us out to next week, and the parking brake part is on order.
Other than the UJOR parts, we had to buy drive shafts (tbd), parking brake extension (~$20), pay a TIG welder to modify the fuel tank ($160), and pay the powder coater ($100). Also, because I was an idiot and damaged the oil filter assembly we had to buy a new one (~$100), but I'm not counting that in the build cost since it was my error.
Key shop tools to have are the plasma cutter and MIG welder. Other than the fuel tank the rest of the welding is pretty easy. I suppose it would be possible to do the conversion without a plasma cutter, but I don't think I would want to.
The biggest PITA is drilling those 1/2 inch and 3/4 inch holes.