That would be a very long vehicle and to me, the proportions would not look right, although removing an axle has to make it more maneuverable and get a bit better fuel economy.
I'm doing similar to my M35A3 deuce...not shortening the frame and making it into 4x4. I positioned the M105 bed from the back of the frame, leaving a space between cab and bed for tire and a rear A frame winch. Bed is shorter though.
Technically not cutting the frame, it is not "bobbed". If I had a choice, I would start with the short version M931 or M818. With the long frame, the single axle has strange proportions. With 16.00 tires, it may not be so noticeable.
Myself, I wouldn't do it without using a shortened bed and a short frame version of the 5 ton. My dream is an 818 (4x4) with 8.3 turbo, Spicer 5 speed, T1138 transfer case, 16.00's, s-cam brakes, rear air locker and .........