Ron, here is a link to read and consider.
http://www.classicperform.com/tech_articles/Power-Steering-Trucks/Power-Steering-Trucks.htmI have a V8 in my 52 panel using a 76 reman Saginaw unit from the local parts house and a kit from Classic Parts. Since your running a V8 you may want to consider something beside what your thinking about doing?
Take a look at my photobucket listed below and you will find some pics of my steering set up. I did use a 68 pickup column but you can shorten the one you have and do the same thing. I just used the later model to have the built in turn signals and slim column. (leaves the switch in the original place)
Let us know what you decide and remember, we're here to help.