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Yes it will work. More things you will need is 4wd gearbox. Unless you want to do crossover steering you use a 2wd gearbox. Spring hangers, driveshafts, pitman arm, draglink. That will be a good start.
make sure you have the same gear ratios in both the front & rear axles
It is a tremendous amount of work. Few people in the USA attempt this conversion. The devil is in the details, and there are a lot of details to consider. Such as the transmission hump. The Squarebody trucks (73-87) factory 4x4's all have a taller hump to accommodate the transfer case. You will most likely need to fabricate a new one or get a tall hump from a donor truck. With that said, given enough time and effort, anything is possible.
The 1/2 ton axles will interchange between trucks, Suburbans and Blazers. you will also need a new rear driveshaft. Just keep the donor vehicle there for parts while you do the conversion.
Keep us posted as to your progress! Regarding the number of lugs, the front hubs are interchangeable easily allowing one to change from 6 and 8 lug, pics posted to: http://www.bacliffrv.com/Truck Should you need any pics or measurements from my K10 with K20 (3/4 ton) running rear just drop me a line. All the best.