Welding the 76 style bumper mounts onto the frame will make it very hard to remove the bumper later. The bolts that hold the bumper to the mounts are very inconvenient to reach on the truck. You also lose all the adjustment ability to get the bumper on the frame just right. If you miss on the welds at all the bumper will hang crooked and there won't be a lot you can do about it.
I know it won't be simple to replicate the 76 style mounting on the frame, but I'd say it would be worth it and about as hard as welding the mounts in place. At worst, you drill a few holes oversized and weld a nut into them. They don't have to be exactly in the right spot since the mounts have wiggle room in the holes for adjustments.
Whatever you decide to do, good luck. Personally I prefer the 76 and later style bumper, though I'd stick to the 77 and older 4 headlight look. My 79 4x4 is setup like that now.
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95 Isuzu Trooper Daily Driver
86 Isuzu Trooper reliable backup
77 LUV 2wd stock beltway blaster (resting)
79 4x4 LUV project: 2.6L, 5spd, 31s (eventually)
MEPR: Man, my 4x4 makes all other LUVs look good
