Ray,
You'll no doubt take the time to think this Willys Upgrade project through very carefully before starting. You've read quite a number of comments by now. Permit mine in list form:
0. What about a newer, more efficient and reliable vehicle for the highway (take your pick of the Japanese makes) and as has been said, reserve your Willys for 4X4 short term weekend fun.
1. Who will ride in your Willys, no matter what you do to it, at fast highway speeds? Think of the possibly unfortunate consequences.
2. Will you end up with what you actually expect and want? Or, will it turn out disappointing. Will your tastes change in 5 years?
3. In a few years, will it sell easily to the next person? Will you get even a portion of your money back (probably not as most young people are not really into cars unless they are studded with electronics and almost drive themselves)?
4. Any updating of old vehicles takes a bit of staying power - there were many times I wanted to give up on our Willys wagon's updates.
5. If you have a 'significant other' who might not see the allure of the project you have in mind, will the whole thing become a source of friction? My wife is a 74 year young "traditional lady" who tolerates my excesses fairly well - are modern ladies so inclined?
6. Rodney (post #38) might have given the best upgrade advice but might I take it one step further? The Land Rover Discovery 1 or 2 chassis (with its coil springs, excellent solid axles, floating rear, 4 discs and Buick aluminum V8 plus 5 speed ZF box/T-caswoulde) is simply first class. I bet you can find one for almost nothing in a coastal wrecking yard. My wife has driven her '96 Disco for 25 years now and been very happy. Our off-roading, although limited, and extensive snow experience in the vehicle have been excellent. What about a Willys wagon body transplant onto that chassis?
All the best with your project. Pavel up north.