It might be "easier" to do a LS swap and mate that to a dumb TH350/400/700. Run the LS dirty (6 wire and vats delete). TH350/400/700 to a dumb cable/lever or easy to mod solenoid transfer case(or two as a doubler).
What your left with is a full standalone engine, transmission, transfercase(s).
Now. I don't know how this effects emissions/inspections laws in your state. You need to look into this to stay legal. Offroad/track only stuff is becoming tricky depending on the state. Here in Michigan I have minimal restrictions and love it. I respect the environment and other drivers. But, I am glad I dont live in some states where modification on anything (even offroad/track vechicles) is heavily restricted.
I won't go on about offroad restrictions further. Just make sure you fit inside whats allowed in your state.
If your allowed then going full standalone may be for you. Now if your not allowed there are several ways to run a 60 standalone. But I dont know first hand how (if at all) that will effect the 4.3 engine operation.
Now your talking about a big swap here. I would budget around $2500-$4000. To make a lm7,th400,205 swap happen. But the results may be what your after.