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I forgot, sounds like your old blazer had a NP203 transfer case which is a full time unit with an internal chain and differential. The low gear in the 203 and 205 are almost identical.
As far as the truck from the pics posted it looks solid. All of the parts are desireable. With the drums up front the least of them. 8 lug 15" rims will fit with no problems because of the drums. Everything is newer than 1967.
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1970 K25, 8' stepside bed 350/465/205 44 up front, 60 in the rear 4.10s rolling on 33" Dunlop MTs
1986 K5, 350/465/208 Dana 60/14 bolt from a cucv 36" Super Swampers TSL/SX
1983 K20 w/ CUCV axles, 350/700R4/208 sitting on 37" Goodyears
1986 M1031 6.2 diesel, TH400/NP205 locker in the rear and a LS in the front, all stock for now.....
1986 K30, 350/400/205 dana 60 and 14 bolt. I kept the drivetrain. Body/bad and chassis are gone.
1981 K30, 350/465/205 dana 60 and dually 14 bolt. Has a G80, and a flat bed. Going to replace the flat bed.
1985 K20, 350/400/208 10 bolt and SF 14 bolt. I wonder where I can find some 1 tons. Hmmmmm 
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