There are more than enough other sites out there detailing how to bob your bed, so I am not going to go into great detail here. I'll just say that I tried to read as much of the below information as possible before doing the bob job and collected all of the necessary tools. We used a combination of a Sawzall and a jig saw to cut the bed and an acetylene torch on the frame.
On a Sunday morning in late April I went to Connecticut to bob the bed with the help of Andrew O'Toole (who plans to do the same thing to his Ranger) and Mike Fox. Well... Mike ended up doing most of the work while I tried in vain to fabricate a snorkel under the hood of the truck, but I am very happy with the finished product. We ended up taking an even foot out of the bed and the entire job took about seven hours.
Since the spare tire won't fit under the back now, I hope to relocate the gas tank behind the axle (like on Jeeps) to add some weight to the back of the truck. For now though I am just living with the buckboard ride and improved departure angle.