Its time to break out the tape measure. I think you'll find the V8 + LT95 to be too long to fit in an 86" and still fit the rear prop shaft. You could help matters with a 101 bell housing and input shaft as these are shorter but I still just don't think you have the wheel base.
You may also find it difficult to get a V8 into the engine bay on an 86" so the radiator panel will most likely need moved forward. As Gordo says there are plenty of gearbox and transfer case options that can be made to work that area lot shorter.
I think a GM 4.3L V6 + NP435/SM465 + series T-case would work well for about the same performance. Of course, it all depends on where you are and what is available.
Still it is all just metal. How modified are you willing to make the truck?
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