Depends. what size is the pickup? For an S-10 it might be adequate, for a full size K1500, forget it, it would be way underpowered.
Also, keep in mind the bell housings would not match, so you'd wind up changing the transmission. Interesting combination, but it looks like a money pit to me.
BTW, the Olds 5.7 diesels weren't a bad diesel from '82 on after Olds beefed up the bottom end and used a roller cam. Unfortunately, by then they were stigmatized by the early ones, and gas burners were getting close to the same mileage. I had three of the later ones, two 88's and a 98 and had good luck with all three.
I heard of a fellow here in Nebraska that installed Olds 5.7 diesels into a number of Dodge B100 and B200 vans. I heard it was a good combo, and really not that hard to do.
Wish I could be optimistic about your project, but I'd shy away from it, myself.
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