You realize that 2wd K5's are now pretty hard to come by and are in high demand for the low rider and street cruiser crowd--you could probably sell them for a good chunk of change and buy a 4x4 K5 or two, instead of cutting them up!..
I had a '75 full vert 2wd K5 and regret selling it --I wasn't aware they would be so collectible in a few years,I think I sold it for less than $500--though I only paid $150 for it and did have to put floors,rockers and door bottoms on it and patch the rear wheel well arches..
I also pulled the original 250 six & 3 speed out of it and put a 307 with a saginaw 4 speed from a Vega in it..thing was very peppy and got a bit better mpg than the original drive train..