If I was going to make many modifications (like the drag truck, or the low rider) I would probably start with a completely different frame, something more easily modified to accomplish your goal, then I'd tuck the original frame away. Whom ever may be the next care giver may want the original stuff.

A low rider 4x4 can be accomplished, but it involves channeling the body over the frame (Cut the floor pan out and raise it up inside of the body). See pictures, this truck is a 4x4.

The short wheel base might not make the Trailduster such a great drag truck. A short wheel base can be a challenge to drive.

Your truck, I didn't vote. What I think doesn't matter. Gene