NO. you canot flip the axle. Here is a fundamental difference in most SAS swaps. the correct axle choice for a seemingly seemless swap would be the dana 30 or 35 out of a jeep cheorkee from mid 80's through early turn of the century. But with what you have, there is potential. Here is the nice thing. the alxe you have is in some areas much stronger, though the steering needs some adjustements. The transfer case you currently have is strong, but unrelaibale for the test of time with the larger drive train. The transfer case out of the 70's and early 80's Chevy trucks run the front drive shaft to the passanger side. This TC will be stronger then yours, easy to comeby, and assuming you are running the 4L60 tranny... it will mount right up from what I understand. This will be a good platform to allow for further upgrades later to a more powerful drivetrain like a 5.7 and 700r4 transplant.
Now for the swap itself, what are you going to be running? Leaf spring swap, or coil buckets and a 4-link setup for the front axle? Are you doing this work yourself, or having it done? What size tires and gears are you planing on running?