anyone swaped a 5.7 shortblock in a 5.3 truck?

My truck recently took a pooh on me, "5.3 chevy silverado ext. cab", so I could rebuild it or swap in an Ls1 car motor 5.7 alum block.  I figure I would rather do a 6.0 truck motor but I see LS1 5.7 rebuildable cores alot cheaper.
             I figured I could overhaul a 5.7 with rings,bearings ect. and use the 5.3 heads efi ect.
  Will the reluctor wheel need changing? Is this easily doable?  Has it been done?