I've got one we just come close to finishing up. I got rid of my M46 and my M816 and decided to build up something smaller and more capable for woods and trail recovery use.
I ended up using a M726 contact maintenance bed, placed the rear axle where it should be, used the duece front springs, and had the driveshaft made to match.
As for clearance, we shortened the height of the steps on each side, moved the exhaust stack to behind the cab, placed a muffler where the batts normally go, and moved the batts over to the driver side where the tool box normally goes. Shortened them a good 6"
The front fenders were cut where they come down to the boxes, and shorter mud flaps were installed.
The fuel tank is mounted in the bed up front, and it still leaves room for a diesel generator / welder combo in the open bed.
Whole thing looks as it came stock this way (except for the double front bumper), and teh 726 maintenance bed fits very nice behind the cab and with the hight of the wheel wells.
Lots of other work was done as well (lockers, Air-o-Matic, extra air tanks, jumper ports on all sides, and lots of other goodies!).
My tires and wheels (super single double beadlocks) came in Monday (XML 395's) and I will be installing them this weekend.
I should be able to have some pictures on the board of the whole thing by Sunday.
There is a lot of work involved in doing these things the right way, and expenses can really add up quick. Not to scare anyone off, but there are other things to think about like shortening the wiring harnesses, the air lines modified, making the rear frame cross member looking "right" with the short frame, modifying a bed so it has proper mount points that look factory, etc.
Painted the whole thing 383 Green and it looks like a big Tonka truck now.
Still have some things to finish up on it like mounting the pioneer racks, fire extinguishers, install the grill lights, etc, but the 726 bed is nice to hold the torches, welders, tools, and more.
More to come.