I think the reason you've been having problems.
Is because your 1950 torque tube is ether a 1st design (slip fit) or a 2nd design (press fit).
Sometime in 1950 GM changed the bushings from slip fit to press fit.
To tell the difference the slip fit bushings were held in place with a dowel pin and the press fit were not.
--------------------Rear Yoke Bushing..--Propeller Shaft Bushing
----------------------I.D.Front O.D. ------ I.D.Rear O.D.
1948-EARLY 1950, 1.350---1.720--------1.070--1.685, Slip fit Dowel Pin
Late 1950,----------1.350---1.719--------1.070--1.687, Press Fit
1951-1954,---------1.350---1.773--------1.070--1.725, Press Fit

The above bushing dimensions show the Rear Propeller Shaft bushing I.D. did not change from 1948 to 1954.
But the O.D. did.
Maybe the whole Okie bushing Assembly is turning inside the torque tube. Read number 5
Torque tube housing inside dimensions did have variations.

Call these guys http://nwtparts.com/ Ask for John, tell him what's going on, he has probably encounter this problem before. Smart Dude
Or These guys http://www.vapinc.com/ they make most of the Okie Bushing Assembly's

The problem is ether a:
Bent torque tube housing
Bent Propeller Shaft
Turning Okie Bushing Assembly
Incorrect bushing size
Lack of lubrication

When you installed Okie Bushing Assembly did you remove the
original rear propeller shaft bushing and oil seal ?

If you have the propeller shaft on the bench you could slide the Okie
Bushing Assembly onto the propeller shaft and insert the U-joint rear yoke onto the propeller shaft.
Like This Rotate the Okie Bushing Assembly to see if there is any binding or slop.