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I agree with Freeride. I could only see that swap being worth it if you had a 60 and a 14 bolt out of the blazer, but since you say it's a K5, it's not 3/4 ton or 1 ton stuff. If the 2.5 runs good, keep it and put a new clutch in, put some 4:1 gears in your t-case, upgrade the rear axle, and go out and wheel instead of spending a bunch of time swapping parts.
I agree with Freeride. I could only see that swap being worth it if you had a 60 and a 14 bolt out of the blazer, but since you say it's a K5, it's not 3/4 ton or 1 ton stuff.
If the 2.5 runs good, keep it and put a new clutch in, put some 4:1 gears in your t-case, upgrade the rear axle, and go out and wheel instead of spending a bunch of time swapping parts.