Eveready
I'm Awesome
I'm having a hard time thinking of a showstopper here.
It largely depends on how good (and persistent) the OP is. He has already mentioned being a single dad, something which takes huge blocks of time. Also funding is an issue and a sick child in the middle of this could sink him like a stone. He cited several unknowns in the execution of the 2wd conversion and the demon Murphy lies in wait for this sort of project.
In my opinion this is a disaster waiting to happen. I sincerely hope it does not play out that way.