I was gong to do that when I did the tranny swap but decided its too big of a PITA. Found out the hub split on the rear axle and sheared the key. And that's why you dont see two piece axles in cars anymore.
I would upgrade to the larger flywheel and clutch system. It would potentially last longer under offroad conditions and be easier on the starter plus have more mass so the motor has more lugging ability. They made it larger for that engine for a reason. You may get lucky and all you would have to do is the bellhousing swap. Might need a custom pilot bearing but they are easy to make and the clutch splines may be the same.
Hans didn't even break his pride. Cracked his windshield a little more and a couple new dents. I broke a rear axle shaft or hub in Otters and my steering bell-crank assembly broke off the frame on the way to the parking lot. It was hitting my harmonic balancer prior to breaking and was shooting sparks like a grinder.
Wiring can be tedious but not that bad if you have the schematics and time. Just make sure that the harness that you are using is salvageable. I did a 5.0L EFI swap on my bronco and converted over the stock harness. Unfortunately the harness is old enough to have corroded wires and connectors causing intermittent electrical issues. I'll probably buy an aftermarket new harness just to keep the gremlins at bay.