I have looked at this in my own garage, and decided IRS would be too much work. The way the frame curves up in the rear and, and where you might need to set the pivots for the arms makes it a nightmare. IMO
As for front IFT LT. I am hoping next year I can look at this more closely. I have some thoughts, but this will not be cheap.
I have gotten to know the Brenthel's pretty well, and my thought is looking into one of their Silveraldo LT kits, or seeing if the are willing to build me a set of their discontinued LT for a Colorado or Jeep JK. They made a IFS LT for the JK years ago, but it discontinued.
Two major obstacles I see so far (excluding $$$), and this assumes I am buying a LT kit and modifying the truck to make it work.
1. All new upper and lower control arm mounts will need to be made and secured.... accurately. I think with support of a company like Baja Kits, they could help provide the X,Y,Z coordinates of each mount to get started.
2. To actually realize the full travel of the system, you need to raise the upper shock / coilover mount up. The H3 is compression limited (there is a lot more up travel available in a stock suspension that is limited by the shock length. Sam from Samco, who worked on projects with Rod Hall, developed a new upper shock mount. But that is going to require relocating a number of parts in the engine bay, and then fabricating or buying a new upper shock mount
3. New CV shafts in the front. They will be a custom length, so you will need to source and work it out.
All the other changes would be pretty mild, new tie rods, brake lines, ect.
Now if you went into cost....
Baja Kits LT - $5,000 (you will need to ask them to revise the knuckles to accept the H3 hub, or a compatible hub.
Front Coilovers - $2,500 (if you get something like King, Fox or Icon that can actually take advantage of the travel
Upper Shock / Coilmount - $1500
Axles - $2,000 (I am really not sure where those would actually price out, but guessing)
So you will be in it for close to $10k, and now you need to start developing the rear end to keep up....
$1,500 for Deaver springs
$2,200 for shocks, probably want to through another $500 in for a gas bump stop
And then you will need to either develop, a cantilever rear suspension, or cut a whole in your body and make custom shocks mounts (again to see full travel)
And now your front track width is going to be 4 or more inches wider than stock, so you might need custom fenders.
So.... If is possible. Hell yes. I don't think it is terribly scary if you can get a suspension company to help and walk you through the steps. It is going to cost a lot in parts alone. If you can do a lot of your own work, you can save a lot of money, but there are things that are "buy" items that will cost you. I don't think designing and fabricating you own control arms is time worth spent (unless you have CAD of the H3 frame and are very knowledgeable in suspension design).
You can decide how far to take it, and save money.. But my recommendation would be to call up SAMCO see if they can build you a new upper shock mount, and take advantage of what the vehicle already has.
I do plan on doing something like this to my truck, but that starts after I get another car, and my timeline will be in years... so don't plan on me leading the way anytime soon.