Seems like a really dumb idea. The overlap is almost compete. They both make very good half tons, pretty good large cars, and not so great small cars. We can debate which one makes better trucks and better cars but in my opinion they're fairly comparable. So what would be the advantage? This sounds like a great way to get to a smaller market share really fast.
If they wanted to combine with someone, how about someone with a very different product line, say Jaguar, SAAB, Volvo, Mazda.... Oh wait they already tried that. It didn't work.
Maybe they should do what they do well, and keep making with half tons. Then how about making some great large cars? I'd buy a convertible '63, '64, '65, '66 or '67 Chevrolet SS, or a hardtop '63 1/2, '64, '65 or '66 Ford Galaxie 500 XL (updated of course). Give us styling, performance and reliability and at a reasonable price. They both know how, or they used to anyway.