I bought an M101 with 1 hub, no tongue and no wheels. I bought it to pull behind my '69 Ford Bronco. The Bronco has 5 on 5 1/2 bolts.
I cut the military spindles off of the axle and welded on the front spindles from a '75 Ford Bronco. I put webs on the 12:00 and 6:00 positions to assist in supporting the weight. You have to plug the hole in the spindle or welding slag will go from inside the axle tube to your bearings.
CAUTION: Be extremely picky about aligning the spindles; we used a laser. If you get it wrong, it will not follow well and could give you a surprise in a turn.
I am extremely happy with the setup. The trailer really tows well. The change in spindles probably down-rated my weight capacity, but it still hauls as much as I ought to be dragging around behind the Bronco.
Since I also had to build the tongue, I put on a hitch that can be turned around; it has a 2” ball socket on one end and a 3” pintle eye on the other. I use the ball on the highway and the pintle off-road. I plan to chop the hubs down and put blank covers from a Jeep Wagoneer on them, but for now, have you ever seen a trailer with lockout hubs?