Where do you live? Different states have different rules regarding tire stick out allowances, so that's something to consider. There are extra-wide flexible fender flares you can run to be legal if needed.
I'm putting '76 F150 axles under my rig now, but intend to run 37's like Digger does and intend to drive/wheel it accordingly. My other wheeler is a '77 F150, so I'm pretty used to the width already, but the narrower body sure will be nice at times.
How do you intend to use your rig? Tire size?