Re: F150 2WD conversion to 4WD
In my opinion, i would go for the front axle/transmission/t-case swap. The parts should be fully compatible, with some important caveats...
- the transmission type will be important here, if is an automatic. some models in 92 came with the HD E4OD transmission, while others with the AOD. The electrical connectors on the two transmissions may be different. Compare the pan on each to see if they are the same. if not, be sure to check the connections to electrical and cooling lines.
- the 4x4 engagment may have been either manual or electrical in 92. either one will require a bit of effort to install in the cab of the 95. but regardless, access panels for either the shifter or the 4x4 button and module will be available, however, the electric 4x4 may not have the circuits wired from the factory on the 95. you will probably have to hard wire it custom. this shouldn't be hard, but the original electric 4x4 had safety overrides from the speed sensors (especially for the 4-low). be careful here.
- the front end components should bolt up to the frame without issue, but triple check the gear ratio with the rear end. a mismatch will require a rebuild of one or the other.
- the 95 may have had 4 wheel antilock brakes, while the 92 only has rear antilock. sensor fittings on the front may require buying some 95 parts such as new rotors and even possibly new steering knuckles (may be able to take parts off the 95 though)
you should be able to deal with the rest on the fly.