I've been reading a LOT recently about the same thing, and here's some conclusions I've come up with.
To cut the keg easily, see this ->Linky
Most turkey fryers have only 10psi regulators, which limit the btu's of the burner. You might be able to get a 30psi regulator on a turkey fryer burner, but my guess would be it would overpower the small orfices, and you'd not have good gas utilization, ending up with an inefficient setup.
Probably better to go with a banjo burner from bayou classic, that comes with a 30psi regulator. Linky
It's also going to depend on how much water you're going to attempt to boil with it. If you're doing 5 gallon batches, the turkey fryer will be fine from what i've read. It might even do 10 gallons, but you'd be waiting for a long time I think.
I've seen links to weld-less kits to make quick disconnects and valves for draining the pot, but I think I'm going to look around for a local guy to help me weld one. But if you're not inclined to do the legwork, they weld-less is always an option. Here's a good discussion on what to look for when trying to find a good welder in your area. Linky
Hope this helps, happy brewing!