Drop it down low at all four corners, put disc brakes on the front and have fun driving it. I think it's a great looking truck. I wouldn't even shorten it. Oh ya, throw a tranny in it (that's to say put a new or rebuilt transmission between the motor and the drive shaft. You never know these days).
I think if you get it down low, the long bed thing will go away. Any way you build it, have fun and good luck.