i dont see why it wouldn't work, you would need a trac bar to locate side to side... the fab skills to pull this off arnt to extreme, but with the stock system your going to be limited on suspension articulation, you could pull off a floating arm type setup, that would be trick (cant find a picture at the moment)
look into James Duff, they make some A+ stuff for early bronco,rangers, and BII's if nothing else look at there rod ended radius arms for ideas...
Jeffs Bronco Graveyard is also a good source of info and parts for that style of suspension.
biggest thing is getting the castor correct, but you also do have to watch out for the tires hitting on full turn, with the area you have between the passenger knuckle and the diff, its going to be a bit harder to use stock ford parts, i might look into a setup like the jeeps use with there long arm kits, its more like a 3 link
to all the nay sayers this is bout the same as putting an 60 or 80 series axle in a early toy
