I was unable to find a SRW F-350 at a reasonable price with low mileage too, so I purchased a Dually with the sole intent of changing it to a SRW truck. I had a plan of action and I first checked with a local Ford mechanic to insure it was ok to run the inside dually wheel safely (on the rear axle of course) without the outside wheel being mounted. He said that Fords HD wheels were better and safer that most aftermarket replacement wheels, and for reasonable loads I would be ok with no problems. Keeping in mind that you do lower your hauling capacity overall by going to a single rear wheel truck. He also said it was no different than you going to a retail wheel dealer and buying new custom rims for your pick-up that were offset. The carrying capacity is still there anyway, if they are quality built rims.
So, I purchased the 2004 F350 6 months ago with 38,000 original miles and started by removing the outer dually wheel from the rear of both sides and re-tightened the lug nuts of the inner wheels for daily use. I then removed the inner liner (mud guard) on each dually fender and I unplugged the 2 small light bulb harnesses from inside each dually fender and I let the harnesses just hang down temporarily as I proceeded with removing the bolts that were holding the dually fenders to the main truck bed. You really need a friend (two would be better) when dropping each fender off the main bed. You need to remove the bottom bolts first holding the dually fender and remove the top bolts last, just before having your buddies grasp and walk backwards to remove the fender completely. This prevents scratching the original bed paint. I found the original bed underneath the dually fender flares to be painted exactly the same color as the rest of the bed and nicely too. I found a few tiny drill bit holes running horizontal along the main bed with removable small plastic wiring clips, and a flat bar above that, that the upper dually fender bolts were attached to. After removing the dually fenders you are instantly down to a SRW truck. Next I pulled the small harnesses that were hanging, through the rubber grommet in the original bed, removed the bulbs from those harnesses, and rolled up the harnesses themselves and packed them inside a small kitchen freezer bag and wrapped that tightly with electrical tape to keep any moisture out. The moisture sealed bundle was then tucked away out or sight up underneath the truck bed and secured with a wire tie. The other fender removal is done using exactly the same procedure.
Now, you are ready to drive your single wheel truck without changing wheels or buying needless extras that so many guys have mentioned on this site. As far as your existing pick-up bed, its easier and cheaper to fill this small holes in the sides of the original truck bed and just get that bed repainted, than going to the expense of replacing that bed. I found my 2004 original bed underneath the dually fenders in great shape, they were not butchered in any major way.
Guys, this is a very do able conversion and it doesn't cost 2 grand or more and extensive axle changes. Well, Ive been driving my SRW pick-up over 5 months now with no problems what so ever. My conversion cost at this point is almost zero dollars.
I'm told that nice chrome RV wheel covers are available, made of actual metal that will fit the original Ford metal dually wheels perfectly for a cost of about $175.00 delivered. If I find this to be true, I will have complete functionality and good looks too at a full conversion cost from Dually to SRW for less than $200.00. Good luck guys, I love mine...