I found a 72 rear axle locally. I cleaned it up and painted it with Eastwood Chassis Paint:
I installed the rear axle along with 5" drop springs from GMC Pauls, KYB shocks and shock relocator brackets from ECE. I also transferred the brakes from my 6 lug rear axle to the 5 lug axle and added new brake shoes:
I really, really wanted to run 17"x8" steel wheels with baby moon hubcaps, but the expense was too much for me. Maybe some day that plan will work out. As an alternative, I found a pair of 17x9.5" Torq Trust II wheels locally. My brother in law, who lives in St. Louis ran across a set of 17"x8" Torq Thrust II wheels on Craigslist and picked them up for me. I had Nitto NT-450 tires mounted. Those are 255/50/17 tires for the front and 275/50/17 for the rear.
Now that the suspension was straight, I jumped back to finishing up the rust repair. In order to prevent pine needles, leaves, etc... from getting into the cowl area, I made a cowl screen. This is courtesy of Lowe's Home Improvement.
This is what it looks like with the cowl reinstalled: