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Looks like I'll be running a Gen III Vortec at this point. Either a 5.3 or 4.8 with a Turbo 400 behind it. I found the crank spacer I need at Herron Performance. The Turbo 400 is one a friend had laying around built for an RV. Should be about right after I install a reverse manual valve body and Art Carr/Winters gate shifter.
Herron Performance - Crank Spacer
Kartek Off Road - Winter Shifters
I measured the rear frame rails for a modern fuel tank and they are a bit narrower than newer trucks (29" vs 32"). I may still try and squeeze a 90s Ford Bronco tank in there. 33 gallons of capacity would be nice. If not I'll build a tank that fits the dimensions of the rear frame or have a tank builder in Havasu do it.
My goal is to get it running and then start fixing/cleaning/modifying things. I'll probably do a bit to the motor once it runs and bugs are worked out.