I built a longtrack 120 using 200 parts. To drop n roll the driveshaft is the easiest part. It does well but not the half pint sled I was expecting. It goes thru snow just fine but now the problem is lug height. That's where a Timber/Camso track would be ideal!
I recommend a CVT and disc brake on any conversion. It's something I didn't do originally and I really should have. The old chainsaw clutch is fine when you don't have a lot of drag on the driveline, but the more you add to it, the worse the clutches perform(and I've tried half a dozen different ones) Even a classic torque converter setup from Princess Auto works wonders over the stock clutch.
There's two guys that I know of that have done exactly what you are asking. One was a custom built machine that's local, and the other was plastered all over FB recently. Made from a SnoScoot 200 chassis.
If I had the fab skills I'd use a 250 single out of a Tundra and a snowbike kit, make some wider a-arms and use longer shocks....the things we do for our kids! lol