I am converting my torque tube drive line to an open drive shaft. I'll be cutting of the spring perches and using a pumpkin from a '56 3100 (3.90) which is a direct bolt-in on the '47. The three-speed on the floor will be replaced by a SM420 transmission.
While researching the pinion angle set-up, I came across
this link from the Hot Rod Hotline. It does a nice job of explaining what's going on, how to set-up the pinion angle correctly, and includes some easy to read pictures/graphics.