I have the thought about taking a 70s GM corporate 3/4 or 1 ton rear axle and swapping it under. They are full floaters so I planned on taking the axle shafts out and cutting the flanges off and throwing the shaft and using just the flanges on the hub to act as a cap. Then cutting the center section out on the housing and replacing it with a tube to get the ground clearance and moving the spring perches or replacing them if need be. If I keep the guts in the drums, the GM parking brake cables will still work. You have figure out if the wheel bearings can be packed with grease or have to still run in oil. At least you could use modern 16" or 16.5" wheels.
I was going to start the project last fall, but got too much snow before I pulled the rear end. It is on my list of things to do this summer.