Just finished doing this myself, kinda wished I would have just sold the AX and bought a Dingo Kit. I think I took the thing back apart something in the neighborhood of 1,746 times with making links to shorten the wheelbase enough to fit my Blazer body, (which also required shortening the driveshafts), getting the battery tray fitted, finding a place for the servo, etc..... Think I've got more $$$ in it than a new Kit would've cost, and still don't have sliders, light buckets, or the larger bumpers that's in the kit. Now, true, I did spring some coin for the Holmes motor/Sidewinder Micro/CC BEC combo, which I still would have had to buy for the kit, too, but still, I think I'da been happier (and money ahead) putting the tires/wheels/chassis money with whatever I got from selling the AX, and getting a Dingo.
If you wanna do it, go for it, but it's going to be more work than just plopping your drivetrain in a new chassis. Gotta admit, it's fun when you're done, though.
I went with the Blazer body 'cause A) I've had it laying around for a few years now, and B) I want to paint it up like the CUCVs we had back when I was in the SeaBees. Dingo body wouldn't have required nearly as short of a wheelbase, so I could've used stock links, and since it didn't need to replicate any vehicle I've had experience with, I coulda just sprayed some Fascolor inside it and had it out on the trails a long time ago.