I took it for a drive and walked away, it's much rougher than it looks from the road. Rust everywhere. The itch to build one is still strong so I'll keep looking. There's a 85 Eagle Sport wagon on CL that would be a good candidate, it already has the black interior I want and a T5 so the manual conversion would be easier.
The biggest reason I'd want the Coyote is I have more experience with modulars than anything Chebby. The size is certainly daunting, as is the price tag.
I would skip all those axles and go right to an Explorer disc brake 8.8, or even better a IRS 8.8.