What's wrong with the H3 drivetrain behind a V8? The rear axle is just a narrowed version of the 1/2ton pickup 10 bolt. The 4L60E trans. is what goes in the same trucks behind many 5.3L and 5.L7 V8s from the factory. The transfer case I admitedly don't know much about, but it looks VERY similar to the auto-trac transfercase which is also found in many fullsize 4WD GM trucks. That leaves the front axle as (IMO) the only part that isn't up to V8 power standards. Now, GM used to make a cast iron version of the mid-size IFS axle (I think it was the ZR2 S10), so I would venture to guess the H3 Alpha would have this as well.
In short, an H3 Alpha only needs a 5.3L V8 and a cast iron, locking, front diff in addition to the currrent H3 Adventure components to be a reality. If they want to throw in a body lift to clear the engine some more and maybe fit 35s, all the better