Before planning the drivetrain out, you need to work on the seat and pedal situation. My '37 is about the same as your '42 as far as cab size goes. I am only 5'11" and find the seating very tight. I used the original seat. The very upright position gets pretty hard on your back after a little while of driving. You really need the seat to recline a bit, so finding one that looks good and fits is a tough job. I had four or five different bucket seats, trying to get one that felt good. I finally gave up and went original.
My truck is not 100% original, it has disk brakes on the straight axle with original reproduction springs front and rear and a late model rear axle. The engine is a 250 ci with a turbo 350 automatic transmission. I can cruse all day 65 to 70 mph and still get 19 mpg. Wind is a big problem at speed due to the high center of gravity and design of the truck. You will get tired of fighting it. Braking is also a problem. I have a valve on the rear to limit the quick lock up the tires, again due to the weight of the truck and the design of the springs. I fear a high speed stop, say from 70 mph. At, in town speed, no problem, stops straight and quick. My truck weighs in at 3300 lbs with me in it and 18 gallons of fuel. Its split almost 50/50 front and rear with 1680 front and 1620 rear. I did not lower the springs or drop the axles. I did remove a few leafs and add teflon liners to soften the ride which may have hurt the handeling somewhat. Its a trade off you have to make if you want a decent ride. With new stock springs, you better have a tight seat belt on, because you are going to get bounced around!
Replacement parts are a consideration to. I planned my drivetrain around a 1973 Camero. The engine, transmission, rear axle, and all of the brake componets are all from the same car. I can get parts from any store in any town no matter where I am. There is not a part on the truck, other than the radiator, that will strand me on the side of the road for very long!
Do I drive my everyday, No! I can't afford the insurace for a everyday truck, even if I could I wouldn't. I like the special weekend drives. To drive it everyday would make just another truck on the road. Joe