I think you underestimate the cost and time of everything that is highlighted.
Unless they are sending you 2k a month, I don't see it happening.
If you want 40"s your going to need the axles and the hydro, and the gears, fixed tranny, and engine, etc. etc. etc.
Baby steps. Fix whats wrong with it first. Than start accumulating parts for the axles/axle swap. Than steering, tires, etc.
Just a reminder that most people in the club with rigs like that have graduated, or are 6th year seniors.
Maybe it will happen if you want to graduate around 2020.