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Sounds like a good plan to me. Evan is right on with what he said, also you will need to modify the pipes to fit, not a bad job though.
You can also use the stock ypipe for the IC too, you have to cut it up and do some work to it but it works, maybe not quite as fancy but effective. There's a couple threads around with pics of that too.
i friend has 36" tires and a.....6 inch lift??? he he said thoes brought him basically to a 3.73 gear ration. super duty uses different bolt pattern so you would have to use the ugly superduty wheels unless you already have a set of alcoas lined up. the best thing litterally is to go buy 3:73s and do the swap, only superdutys came with thoes. i had 3:55s in my last truck and i loved them on the highway, around town they didnt hit very hard, then again it was a stock/chipped truck
where can you find the 3.73's for a descent price, and can you do a direct swap from a SD to fit a 97 350?