Frame swap? Just crossmember? How about that transmission?

[63whoopie]

Hey y'all. I'm new to the forum after lurking and reading for a few months. I have more than a few questions about alot of topics, many of which have already been covered and I just haven't found them yet (I may even boggle you with some origional [stupid] questions too.)

While reading my muses, keep in mind:

I am a college student, but college and home are in the same town; as such, I have access to my own 4 car garage, so I have a place to work and store some parts.
My tool selection, thanks to multiple elderly deceased relatives, is fairly complete for a 19 year old. I lack a welder and a air compressor and related tools, both of which I am looking to purchase as soon as I get an idea of what to get. Welder I am looking for a used one, MIG obviously, Lincoln? Miller?, should I go 110 or must it be 220? What duration/cycle/amps/ thickness weldable/ shielded or unshielded etc mumbo-jumbo should I be looking for? I don't know much besides some general info, but am quite excited to learn to weld and hope to be able to do my own cab floors and other tasks (framework?). On the compressor, also used, I figgure a 30 or 40 gallon oilless craftsman or something... forgot the other stats.... will get my by. I am ok waiting for it to catch up, will not run a paint gun, just need it for cutoff wheel, impact wrench, air ratchet, etc. I work part-time and pay 2 vehicle payments, gas, etc, except for college, so I am not very affluent. These tools will be a study in compromising quality with affordability.

My questions, round 1-

1. Been looking into swapping one of the various 73-87 crossmembers onto my frame to give me disc brakes, 5lug, better ride, stronger frame, etc. Thought it would be just as cheap to buy someone's old truck and then junk what I don't need. I also could get the metal bed floor and weld it in in place of my completely- rotted wood bed floor. I was looking around craigslist, and found a 1989 reg cab SWB, minus engine and tranny, grill, and bench seat. I was wondering, could I just move my old body onto that frame, with minimal mounting modification? From what i understand, the 1989's frame is 1.5 inches longer; I have no idea about width or mounting points or anything other than what I have said there. If I swapped the whole thing, it would give me discs, a limited-slip rear, and all 5-lugs (instead of 5 lug front from a newer truck and stock 6 lug rear), already run brake lines, no suspension geometry to fool with,etc? I do not know how to weld, but am very willing to learn, and have some friends and family who can assist via phone or a 30 minute drive if I get too screwed up. Help, ideas, and the collective voices of experience here would be appreciated.

2. I want to keep the 6 cly, but the 3-on-the-tree non-overdrive is killing me. I was looking into doing the t-5 swap from a 4.3 s10. Found a t-5 on craiglsist for $50.00, but it's electric speedo (will have to modify a stock floor shifter to make it look quasi-factory). I can live without having the speedo hooked up ( I could install a tach and calculate it that way), but I was wondering, if I swap frames, will this transmission behind a inline 250 be enough to pull the truck? Not looking to go to the strip with it, but I was thinking of a 2 carb manifold and split headers If I do not swap frames, what goes into modifying the tranny support to accept a t-5? Who has actually done this before?

Shew, that was long! Thanks in advance; y'all seem to really know your vehicles.

Roll Tide Roll!