DDChevy Panthers were the brainchild of Paul Dixon (now in Bainbridge, GA @ Airboats Unlimited) many years back. The drawback is that no DDChevy develops peak torque at or below maximum prop speed of 3,000 RPM. The belt (or gear) reduction will allow the motor to operate in the peak torque range of rpm without spinning the prop to dangerous levels. Usually, the performance increases are dramatic. Most who make the conversion wonder why it took so long to do.
Retrofitting metalworks is another issue altogether as Faron and Chris have wisely advised. Often, there are used boats on the market that offer all you seek for less money than you can build your own for.
Each re-rigging challenge is unique. Costs will differ depending on reduction gear unit choice and current metalworks condition and configuration.
A few questions to ask yourself might be: Are my current metalworks in excellent condition? Is there any signs of internal rust? Are there any stress cracks? If the answers are Yes, No and No; then it is worth considering modifying your present setup. Otherwise, invest in new metalworks and consider your materials choice based on whether or not your boat will ever be operated in salt or brackish areas.