I do not have chasers either and have been chasing with taps and dies for 40 years. I chase body, motor and all other threaded parts with tap and die. I wire wheel bolts first, then chase. If it's the correct size and pitch and you are careful when starting, it's perfectly OK. I do it all the time. Just be sure to do what your daddy taught you....two around and 1/2 back to clean. Similar to new threading. If it gets too tight, unthread and check, clean and oil and go back at it. On a chase job, I try to start by hand and then add the tool. In general, take off the tool and unthread by hand so as to take weight off the threads (internal and external). Turning part upside down during unthread, if possible, is even better, with or without tool.
Tool=tap or die holder.
The old hardware on these trucks (AD and up), if not rusted, is as strong as the day they were made. So reuse them all except lock washers and cotter pins.