Yes it can be done and has been done quite a bit. And actually, you can use the original tub, but an 1850 diesel tub is a much better place to start. A 55 series Oliver would be a better series to start with if you are going to go through the effort (better hydraulics, etc).
An engine out of a Dodge really isn't the best engine to start with, but it can be made to work. Check rrlund's post for more information.