Each method shown above has its advantages and disadvantages.
The advantage of using Farmall Cub final drives is that they bolt right up, and you can use the stock Cub Cadet rear wheels. The disadvantages are you have to rotate the differential 180 degrees so that the unit still drives forward in 1st 2nd and 3rd instead of going backward, because the final drives reverse the output. They also have a gear reduction that would result in the machine being a lot slower.
The advantage of using Farmall Cub rear wheels and some spacers is that you don't have to worry about opening the transmission. You don't need to rotate the diff, and you don't need to remove the axle tubes. A disadvantage is that those large wheels will provide lots of speed. Which could be good, but also not good. Another disadvantage of it is you will also need larger front wheels to match with the larger rear wheels.
Either route you go, both will require some sort of modified front axle and spindles. Both will also require parts from a Cub, which as stated above, can be found at a tractor junkyard. IF I were to build one I like the idea of using the Cub wheels, because I think it looks more like a true tractor. Plus it seems you can use Cub shell fenders too. I also like the idea of it being faster, particularly as a machine I could putt around on easily. But would have to be cautious so that it doesn't tip over.