I like your thoughts, but just remember these things were GARDEN tractors.
the frames are stamped steel never designed for that kind of usage.
Also the drive axles are only 1"Dia. and some have bolt flanges welded,not forged
Same thing for guys that put loaders on them.
You are only limited by your imagination.
I've built stuff over the 65+ years I've been brain storming/welding and its rewarding.
As far as suspension on the steer axle, I would think the pivot would be suffice
its a slow speed toy with maybe #400 safe max capacity on a good day.
Just my thoughts.