Sounds good to me, granted you wont have the same hp as the 3.4, but you also wont have to spend the $4-5k for the power gain either. The 3.4 swap is nice and worth the money, but with you going to school, you can always wait a few years to do the swap when your done. Just make sure to use quality parts, a new knock sensor and knock sensor wire, and new headbolts.

More than tread lightly. Leave it like you were never there, nor anyone else.
'90 X-cab 4.88's 33 BFG AT's, rr ARB, Headers, Ignition upgrade, cold air induction.
'91 X-cab 5.29's 315's BFG MT's, rr ARB, custom bumper and flatbed