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The residual pressure is important but that is accomplished in the proportioning valve not the master cylinder itself.
The volume difference if the reservoir is not for actual braking, it is there to compensate for the loss of volume to the calipers. As the pads wear down and the piston stays further out, that volume of fluid doesn't get back to the master cylinder. Since the rear brakes are adjusted by the lower adjuster screw, the adjustment doesn't use more fluid. The springs draw the tops of the shoes back to the same resting place.
Of course this is all for the "average dummy" that just puts in gas and drives.
You should be able to use the stock master cylinder and an adjustable proportioning valve. Just keep an eye on the fluid level as the brake pads wear.
As some of the others have said, don't expect a great difference in stopping power though. Drum brakes stop very well. The big reason for discs on the front is the "fluid adjustment" that keeps the braking pressure more equal. This keeps the truck from pulling to one side when the brakes are applied.
Disc brakes are far easier to keep clean, as far as mud and yuk goes on a 4X4, nothing gets trapped in the drums. You lose braking power when they are wet though.
If you are doing this for "looks", it can be accomplished, just don't expect much better performance.
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