Looks decent. I might try to do this someday with my copious amounts of free time, LOL.
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I saw that one. He did an excellent job on it.
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The detailed writeup is at http://replicantfx.com/k40-laser-cutter-rebuild-12x24in-2/ with a shout-out to @donkjr it looks like. 
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Interesting build. The only drawback I see is that the bed is a fix height and there is only 10mm height adjustment through the laser head. So it’s only good for working with thin stock.
95% of what I am working with is flat stock, very rarely do I place a box or larger item in the laser. So for me, the 10mm is plenty of adjustment. My large beast, a 1200X900 120W has a 20mm adjustment with knife edge bed, and it does the trick. But at least I can remove the knife edges, and I have about 18" below that I can place temporary work supports on for bulky objects, but I usually do those items in my 80W laser that has an adjustable bed.
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I have thought about this many times.
But I think if I do this it will be a whole new frame (after all the only thing that stayed in this build was the cabinet tube and power supply) and at least 60W.
I would like to be able to put wood turnings under the laser head.
I do like it too, But I would have think about air flow, intake ( the bottom hole are now blocked), and he don’t say much about exhaust.
The right question is about keeping the enclosure. And how much efforts and money to pour in.(personal choice)
When I start this K40 project, my initial goal was to have a cheap usable laser cutter for all. So Smoothie and open source software was clear choice.
The openbuild Vslot appear to me after that, and is certainly a good way to go with.
My only worry is price consideration, to find the limit of modified K40 with next in range lasercuter.
Power and cutting area are the main specs. Mod into those are hitting the budget hard, is it worth it?
Keeping a entry price level is certainly the most the appealing feature of K40, now it become usable after mods (chinese will argue before that).