Summit Racing built an AWD' 32 Ford way back in the early 90s. Quadra Duece, I believe. I think Chip Foose even had a hand in it. Was a cool build to read about, but once completed, kinda fall off the radar and is hard to get info on. They did drive it, but I don't beleive it was ever driven exceedingly hard, and most its life was spent as a fairgrounds cruiser.
Yes, it is a neat idea that could yield decent performance, but it certainly would come with considerable expense, work, and potantial pitfalls.