I've always liked the idea of a disc brake conversion, but every kit I've seen either incorporates a front caliper and you lose your parking brake, or incorporates a rear caliper meant for a passenger car, which has an integrated parking brake but is so small that I question its efficacy on a 1 ton truck.
I'd love to see a setup that uses a rear caliper meant for a full-size truck and somehow integrates a parking/emergency brake. Until then, I "get" to stick with drum rear brakes...as 92F350CC pointed out, the '99+ E-350 setup may provide an important key to this, but I don't know if anyone's actually done it yet...