I did it. My recommendation: don't do it unless you are prepared to cough up some serious cash for a top-notch shop to do it right.
There are lots of shops and individuals who will cut and weld on frames. Many of them are clueless, and can screw up your truck. The work on mine was done by a guy who is a GURU at welding/modding chassis. Unfortunately, he is not so good at running a business. I gave him my '86 Supercab ranger and a longbed donor, so both frames could be cut and grafted together. He said it would take a couple of weeks. It took 11 months. When I got it back, it was undriveable. It shook like crazy above 10mph. The brakes needed to be bled, and the exhaust repair I paid for was not done. I yanked the V-6 and trans, and bought a donor Mountaineer for a drivetrain swap, but the whole experience was a bit of a bummer. Both vehicles are sitting in my driveway, waiting for me to get back to it.
I read that you want to make it a sleeper. I have had no luck finding a camper shell for a 7' pickup bed that went out of production 23 years ago. Not saying you won't find one, but I haven't found one in Central Texas.
http://www.therangerstation.com/forums/showthread.php?p=1418084#post1418084