My thoughts on this are in regards to tail shaft length. You'd need to use a IRS rear end, otherwise the rear axle movement would break tail shafts too regularly. And the poor universal joints would get quite hot running so far off centre so often.
Remember that the Double Cardan Joint (also called Universal Joint) (See, I did go to school), is not a constant velocity joint. So If you used IRS, you could bolt the gearbox almost directly to the diff. The movement in the rubber diff and gearbox mounts needs to be considered, so an industrial strength rubber interface should be used between gearbox and diff.
I sometimes wish I could hear my engine better, having it 1/2 a foot behind my head has to make this easier.

It's not a bad thought, but your chickenhawk is in good condition isn't it?
It would be sad to see it chopped up and not finished. But I'm sure that you wouldn't let that happen.
Chris.