Based on my experience over this past weekend, the sway bar should be fairly easy to completely remove/replace, assuming your rusty bolts cooperate. I am guessing that is not a Colorado truck based on your pictures.....looks more like my Chicago truck under there!

'98 Montero, 146K miles, needing Suspension and Tire Upgrades
'03 Montero Limited, 121K miles stock, original owner
'82 Toyota Supra, Spearco Turbo Kit and too many mods to list (in need of turbo rebuild)