I have wheeled 4 different ifs rigs, and while they have advantages like a better ride at speed and on the highway. Well, I ran out of any others I can think of.
As I was saying, the disadvantages far outweigh that. Such as loss of clearance when hitting a bump while in ruts. The center section looses all of it's impressive clearance while sitting still, and it drags badly. This will bend all the mounting points for the lower A arms so the alignment will never be right again.
The angled tie rods will bind up and under power they will bend or break. Idler arms are a regular purchase, as are ball joints.
After a year of wheeling, redoing the front end 4 times got old. Tire life suffers because the alignment is off more often than not. Then we get to the fact that the differential is much smaller, and most do not hold up well to lockers, much less larger tires. Then we get to the CV joints and undersized shafts.
Another problem is that the mounts for the differential can bend under high torque loads trying to crawl. This will cause the mounting location for the CV shafts to move, and then the CV will pull apart when turning and drooping under power.
Then you still have limited wheel travel due to the short arms, and unless you rebuild the frame there is not much you can do about it. Even "long travel" kits don't get you what a 3" lift on a JK will.
As said above, if you have a budget near what an Ultra 4 has, you can build one to last, but if not, I would stick to a straight axle for wheeling.
Other than the ifs, the little Chevy looks like a nice little truck, just don't play rough with it.