If you start chopping that thing, you should do some searching around for trailer formulas. If you get the dynamcs out of whack it will tow like crap. Also, be careful about getting that tongue too short. It may not seem like it but a longer tongue is easier to deal with in tight spots. A short tongue will jacknife the trailer into the truck quicker that you might think. Looks like a fun project.
2007 SR5 Tacoma Access Cab, V6 - 6 Speed, twin stick FJ T-case, 4.56 gears, ARBs at both ends, 2.5 Fox C/O, Timbren bumps, expedition rear leaves, Bilsteins, URD shifter, All-pro IFS skid, All-Pro sliders, ARB front bumper, CBI rear bumper, Puma OBA, Wet Okoles, Weathertechs, Scangauge, GPS, Escort.