This is pretty much what I did. My contacts came out of a tail light assy from another truck(newer) but the socket was easy to change.
Link for the part: http://www.classicparts.com/1947-59-Double-Contact-Conversion-Kit/productinfo/47-905/#.Vs90uZwrK1s
Was not hard and yes those round lamps on the fender are ugly.

Steve H