Regardless, there are stock trucks (whether RBV or not) that are ALWAYS more cost effective than making a 4WD. Making a custom version of an off-the-shelf item is the mark of a very, very foolish engineer -- all you do is make undertested failure modes you wouldn't have had from the factory. The first question to ask is, "Is this necessary?"
Now, if you're making something that doesn't exist from the factory, that's another story. But it's also quite unlikely.
Yes, you can do it. It's almost impossible to say how much it will cost, as it's going to be different for every person i.e. access to cheap junkyard parts, number of tools you own, etc.
The best thing to do would be to find and buy a doner truck that has a blown out engine. Preferably an Explorer as you'll get a Dana 35, 31-spline 8.8, and M5OD if it's a manual. If you could find a doner for $500 (and you have a good shop) you could do the swap pretty cheap. If you tried to buy the parts one by one, it would be expensive.
I know a lot of people who have converted to 4x4, and it can be cheap and beneficial if done right. Many already have their 2x2 just like they want it, and don't want to start with a new platform.
If you're thinking of a stock style conversion, don't bother. The engine crossmembers aren't the same. Your best bet it to trade or buy a 4x4.
If you're looking to do an SAS, then that's another story. Then all you need is a front axle, fabrication skills that won't kill somebody, and a 4x4 drivetrain. and time, $$$, random parts, etc....
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