Its road legal here in Alabama. Never had any issue with that, but did get pulled over the very first time I ever drove it questioning headlight height; it's within guidelines, so they couldn't do anything about it.
The drivetrain swap was a neccesity due to the original parts being trashed... and they were 4 cylinders, so they couldn't have turned those tires. Plus, chevy parts are abundant and cheap.
I had initially looked into buying a Bronco, but they are way overpriced and everyone's sister has a jeep, so I opted for the scout because they are so hard to find. Turns our that they are just really hard to find in decent enough shape to restore.
Only problem now is that since no one recognizes it as a Scout, as they are not well known, everyone assumes its a bronco and they'll say, "Hey, thats a nice bronco, man!" To which I'll reply, "Its a Scout, bud... bronco's are for sissys!"
I HAVE A 70 IH SCOUT II 800A LOOKS JUST LIKE YOUR BUT STOCK AND IT AN EVERY DAY DRIVER I DRIVE IT WHEN THE WEATHER IS REAL NICE BUT WHEN IT RAINS I PARK IT BECAUSE IT GETS A WORK OUT WHEN ALL MY FRIENDS CALL FOR ME TO COME PULL THEM OUT AND IT STILL HAS THE ORIGINAL 4 CY ENGINE AND TRANNY!