Priced a fabco or marmon Herrington transfer case recently? You will be looking at $2000 plus for a used one. Not trying to shoot you down but your project is getting rather expensive for a deuce project. But if you have the money then go for it.
As far as the lockers I like the arb air locker the best. That's because you can select when you want it. The Detroit locker locks up when you give it throttle. I can't comment on which is stronger or more reliable.
What I don't get about preferring ARB over detroits is this. Why would you need to lock an axle if you're not trying to go anywhere? It just seems to me you really only need them to be locked when youre trying to move anyway, right?
As for the costs of this project, this isnt going to be an all at once project. I will work on these individual projects leading up to the full modification one piece at a time. I will first add 46' single tires. convert with brakes, then add lockout front hubs, lockers in the rear first, I may or may not add lockers to the front. And then add power steering and air-adjustable shock absorbers.
Then I will work on the interior. I'm not sure where i can add a receiver for audio, either move the gauges around, fabricate and install a center console, I don't know where yet. I will install a better heater, a real air conditioner, and insulate the inside of the tub and then apply some carpeting over top of it so the interior isnt all bare cold metal. I will replace the seats for larger, more comfortable truck seats. I may even fabricate a new, insulated soft top.
Meanwhile, after I've decided on the drivetrain I will use, I will buy a used engine, transmission, and work on the engine out of the truck, rebuild it, make modifications, improvements before doing the engine swap.
I will probably do things to the exterior to spruce it up, beautification if you will. This will be lowest of priorities.
In total, it will probably take me 5-10 years to do everything as i will spread this out more given the costs.