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It's perfectly viable, (I did an 88 GLE wagon) assuming you can find a donor car. You would want to look for a 740 up to 88, or turbo up to 89, with an M46 transmission, (the M47 is not strong enough for use with a turbo) either of which should have everything needed for the conversion. For that, you may want to contact Asleeper, who recently asked the same question, and has or can get an 87 with M46 that is mostly not suitable for the 91 nonturbo Regina he wants to convert. I don't know where either of you live, but if it's not too far, that car would be perfect for you. The gear ratio of the differential you have now may not be ideal---it's probably a 3.73, and a 3.54 or 3.31 is better for a manual transmission, but you don't have to change it right away---the car would be drivable with the one you have now, though it will have fierce acceleration and poor gas mileage (though probably better than with the automatic) compared to one with the taller gears.
There is information in the FAQ section of this site about doing the conversion on a 780 with IRS. Apparently, the driveshaft length is the same as that of a live axle car, so that is not a problem.
The only thing different in the interior is the shifter surround panel.
As for doing it yourself, it's a big job, but it's the only way to go, as it would probably cost more than the car is worth if you paid someone to do the work. If you've ever removed and reinstalled a transmission, and have a suitable workshop and equipment (good floor jack, 4 solid jack stands etc.) you should be capable of doing the conversion.
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