Exchanging the 5.3 will be a little more work, but my experience has been that it is a lot more fun when you are finished.
There are a lot of go fast parts available, and generally they are very good engines.
Look around this site and you should find all the answers to the swap
'92 Fullsize, swb rc
5.3L/T56 conversion, comp XR275 HR cam .566/.568 lift 222/224 duration 112 lsa, crane dual springs, trick flow push rods, K&N Filter, Nelson Performance tune, Keisler shifter relocation kit, Boyd Coddington Smoothie II 18x8 235/55 up front, 18x10 295/45 out back, 2/4 drop, eaton lsd w/4.56 gears