Have you researched any companies that make an IFS specifically for your truck? That will be the best way (obviously) to allow you an easier installation.
As to pros/cons, and yes, I have installed many kits and custom front suspensions. Mustang II when stock, utilized a slotted hole on the upper inner control arm mount to allow for alignment. If the front end you are considering has an aluminum upper inner control arm shaft, those are more prone to slipping on large bumps and frequent re-alignment. Use a kit that utilizes a factory type steel upper inner shaft that is knurled where it contacts the upper spring perch, or better yet uses shims (I have modified some to allow this) instead of the slotted hole. Using factory Mustang II a-arms is fine, tubular isn't necessary, and using the strut off the lower control arm is fine as well.
The nice thing about Mustang II is that there are many upgrade parts available. Things like drop spindles, large brakes and air-ride are all easy upgrades. Heidt's has always been one of my favorites. Never had a problem with them. Fatman is good too, but very heavy and not as attactive to look at. There are many Mustang II kits out there, just be wary of units that have been narrowed or advertise modified geometry. When in doubt ask about how much bump steer they have in about 4" of suspension travel, 2" in bump and 2" in droop. If they don't know, or it is over about .050, move on.
There are other considerations, but this will get you started.