I have been working on a similar project for my Suburban, The updates I have done on this 1990 V2500 is: 4L80E transmission, 4" lift with Deaver Springs and Bilstein 5100 shocks (This was a night and day difference in ride quality) , rebuilt the rear axle and put a Eaton Truetrac in, Wilwood calipers on the front, 2003 HD Rims with 33" tires. The next few items will be a LS3 EROD engine, rebuild the front axle and install a true trac. I also plan to put leather seats from a 2009is suburban in. You can see all the interior stuff I have done in my thread.
http://67-72chevytrucks.com/vboard/s...d.php?t=727736
We use this vehicle for family vacations and camping trips. I have put over 15,000 miles on this since I got it almost 2 years ago. It is reliable and comfortable for a family of 5.