Very interesting...had not heard about that one before.
On another note...I had THOUGHT to do this in a less conventional manner back in the mid-80's using the AMC Eagle 4x4 ideas (especially since AMC also used the 5-on-4.5" bolt pattern that Ford uses so Ford wheels could be used) My thoughts were in building a 4x4 convertible, plan was to use a convertible body, outfit the AMC suspension (very close in basic design to Mustang), AMC transfer case & transmission connected to a small block. Ohhhh, the old "creative days"...the project never happened but the plans went further than just the "idea". I even had the suspension tested to fit under a junkyard donor body. (It was gonna be rather EASY!
Maybe one of you could pick up the idea & run with it! (if nothing else, look under the next Eagle you see at a show and you'll spot the inspiration
)