Yes you can. I am thinking about doing it soon. I have a 4x4 and the local 4x4 shop says for $1500 they can do it. A buddy who also wants to do it priced the parts at about $600. We have a mutual friend who is a very good mechanic who is going to help us do one of the trucks, then we will do the other.
I am going to do it so I can run bigger tires (295 0r 305) and still have a decent final drive ration (3. 6 or 3. 7). That will keep the rpms up a little more and keep the engine in its happy place.