Definately sounds do-able mate
Sounds like you've given it a lot of thought. Will be very interesting to see how it all pans out as you go along.
So with the MML, you're hoping to run the front drive shaft UNDER the sump fromt across the t/case side to the centre of the front diff. I'm assuming you're retaining the NP231 for the mean time. How will flaxing the axle up affect the upward and downward travel of the front shaft?