I've looked into this, while it is possible, it is pretty expensive. It's also very difficult to make it work. The computer ties into everything on the 5.7L, if you miss one thing you get a check engine light. I think it is very possible if I were to get a wrecked truck pretty cheap and transfer pretty much everything.
I really think an LS would be cheaper. So far I've seen only 1 guy do each thing, the LS and the 5.7L in a 1 gen Tundra.
I'm thinkin for the money to upgrade then supercharge my 4.7L I might as well get something meant to be fast already. IDK?