Engine Swap - good amount of info
 

So I currently drive a 1987 Chevy S10 Blazer with the 2.8L V6 TBI w/ 4x4. One of my buddies (he's on this forum somewhere) has K5 Blazer. I want to say its a 90 or 91, but anyways it has a 350 in it. He found an LS1 that he was going to put in his 66 Longbed that Im helping him rebuild. Anyways, he is gonna have a 350 thats not going into anything. Ive been debating with myself to do upgrades to my Blazer. (pics will be up soon). Ive decided to buy my friends 350 for $400. We wont be doing the swap for awhile, most likely a month or two. But in the mean time Ive been trying to research some stuff, and the internet supplys no answers. So Ive decieded to ask the fellow mechanics on this forum. Some questions:

-Will my current tranny with the 2.8 fit on the 350?
-^And if not, with the tranny he currently has on his 350, with that work the 4x4 system on mine?

-I made a post a while ago on running dual exhaust, one guy replied and show me where he had his stick out, which is what I wanted mine to be at, I would like to see a picture of underneath so I can see how the exhaust is ran. I can tell that both pipes will have to be ran down the passenger side, but Id like to get a visual reference.

-He is also giving me his frame off his K5, and his 4in suspension lift off of it.

If you guys could give some advice, comments, concerns, anything, I would appreciate it :)