Yes,
The 2WD S10 housings (both 7 5/8" & 8 1/2") will fit in the 4WD S10's. The 2WD & 4WD's both have the exact same spacing on the leaf springs, so bolt-up is no problem.
I was planning to do just this same thing on my '93 V8 powered 4x4 S10 truck, since I picked up a low cost 8 1/2" rear end from out of a '00 model Extreme 5 spd S10. It even has the third shock (for eliminating wheel hop under power) and rear sway bar on it that I also intend to retrofit on my 4x4 S10. I am going to use stock 16"x8" 2WD Extreme S10 wheels on the rear, and Camaro 16"x7 1/2" steel rims (modified with centers that increase the wheel offset to a total of 76mm so that they only stick out the same amount as the 2WD models when mounted to the 4x4 front hubs) on the front with Chrysler '00 model Intrigue wheel covers on them, since they look almost identical to the Extreme wheel. The tires I am going to use are the Pirelli Scorpian Zero 255:55/16 series high performance Z rated tires. Of course, all of my wheel & tire choices are not the way to go for a Sy/Ty, but they do work well on a regular S10 body that only has the stock 1" fender flares. It does however cure the problem that stock 4x4 S10's have in that the front wheels will sit 7/8" farther inboard just like they do in the 2WD models, so it will look just like a stock 2WD S10 with the same ride height after the 4WD chassis is lowered 3". It also is a much cheaper wheel & tire combination than is run on the Sy/Ty's, and offers the same tire size on all four corners so that the tires can be rotated (although they do have to be pulled off the rims in order to do the rotation). It provides better traction than the stock Sy/Ty's have, but not quite as good as the Corvette wheel conversion with wider tires that many are going to.