A buddy went thru this exercise last winter. He is hard core "keep it original". He (we) learned that; yes the 39-46 fenders will fit. But, they are not the same. The fender braces on '46 models are on top center. At least some of the earlier ones have the braces mounted about half way between top center and rear bottom. Based on the rust thru on these top center versions it would have best to keep that brace lower so drainage would be better?

It would not have been a deal buster for me, since many of these were built from the factory using parts from earlier years, in some cases. Besides, who would know about the different brace placement, except maybe him and a small number of others? But, to him ("keep it original") the deal was "no dice".