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Axle bearings, wheel seals, knuckle boots are a really PITA but its a common failure. You'll end up with gear lube soaked brakes and drums. Engine wise they are nearly bullet proof. The turbo charged engine are MUCH stronger than the non-turboed. They are not know for high road speeds (Max of about 55 MPH) but they will pull huge amount of weight without thinking twice... Injection pump is simular to the ol' VE pump in the first gen once you look at you'll understand what I mean. Here is Water Tender 6

It wouldn't be all that hard, but you would have to change ECM's or get a tuner like the Smarty and ask MADS for the file to make your truck think it's a manual.