I need to know this because......
If you use a stock 5.0 serp bracket to hold the 5.0 A/C compressor then you need to also have a reverse rotation water pump. You need to remember where the A/C sits and how the belt runs...

So, yes its possible to do but you need to change out the water pump, get the stock 5.0 bracket, make the custom a/c lines.
or
Swap back to a v-belt and run the alternator, water pump and crank on one and another belt for the A/C to crank pulley the idler pulley that comes in the kit