The swap should be srtaight forward, However, the '05 has the small crank/flywheel pattern (1 pc rear main seal), and the early ('83) will have the larger pattern (2 pc rear main seal). looks like you'll need a late (1pc rear main seal) flywheel. (probably on the '05 5.7 already) As far as JB weld, I've seen a cylinder JB'd and then bored, so a water jacket SHOULD be fine, your choice though.
Daniel