Sounds good. Another lower cost option may be to find a wrecked truck with 3.92 or 4.10 gears already in it. Complete rear ends are easy to swap out. Around here they usually run $150-200. When I've got some extra $ I plan on finding one with a limited slip already in it since mine has a peg leg

 

If you enter 1 for High Range under transfer case, it will work for 2 wheel drive. (had to try it out on my Tacoma just to see. Pretty neat calculator!