That's gonna be a sweet setup.
As far as the stock front radius arms and coils it probably depends on the kind of wheelin you're gonna do. If you want REAL good flex I think an extended radius arm and link would probably be in order. That might end up being a bit envolved though, depending on how knowledgable you are about link suspension.
I chose to go with leaf springs on my rig. Partly because of ease and because of cost. My front didn't come with the links or coils, but I probably wouldn't have used them anyway. My thought was coil overs and custom links, but coil overs are pretty pricey.
The steering is definetly the bigger issue. You do NOT have to do any machining to the knuckle IF you have the ABS port. The company that makes the arms uses the abs hole for the 3rd bolt to hold the arm on, since there is only a 2 bolt top cap.
I did a home brew setup. I built my own arms, keeping the tie rod behind the axle and the drag link in front. I had the cap machined, then welded my arms to the cap. Then I welded 1/2 plates verticly against the outside of the steering arms. The plates are drilled, slightly oversized, and the arms are drilled and tapped. This takes most of the lateral force out of the 2 bolts. The holes are slightly oversized to allow for shimming.
I also consider keeping most of the lower arms and and building some kind of 2 piece arm setup from the top and bottom.
If you don't really do any hardcore rock crawling and you stay with a coil or coil over setup you could easily get away with just running the stock steering setup.
It's a little work figuring it all out, but I love my 80 front end and I really like how big the birfs are.
Good luck