Originally Posted by drdoug
Here's a good post that shows the bushings for various model years: https://www.stovebolt.com/ubbthreads/ubbthreads.php?ubb=showflat&Number=1024864
This is motivating me to install the Okie bushing I have on the shelf for my '53!
Here is a non-photobucket linked POST of the same photos, I also have modified and added more photos.
The 1st photo in the post, is the front & rear yoke and u-joint, used with 4 speed transmissions that use a torque tube.

The Okie bushing was created by the long gone National Machine Works Inc in Oklahoma, hence the name Okie.
It shortened the time and effort to repair the torque tube bushings and oil seal.
If you did it the way GM did it, you would remove the entire torque tube from the rear axle.
Remove ring & pinion gears
Pull out the propeller shaft from the torque tube.
Use special tools to remove and replace the bushings and oil seal.
Then reassemble everything. Pain in the Butt.
With the Okie bushing you just pull out the front bushing.
Then from the front of the torque tube you push in the Okie bushing sleeve, which has the Front bushing,
Rear bushing & Oil seal inside the sleeve. Less Work.

If you have a dowel pin holding in your front bushing you don't need the front bushing puller.
Just drill out the dowel pin and fabricate a hook to pull out the front bushing.
The old rear bushing and oil seal stays inside torque tube.

The below info may or may not apply.
I don't think your 1940 I/2 ton truck has the elongated slot on the Torque Tube.
The elongated slot is on the top of the Torque Tube facing the underside of the cab.
You wouldn't see it until you slide the ball housing off.

The Filling Station’s
Chevrolet Tech Article
Torque Tube Bushing Replacement Shows elongated slot on Torque Tube
The benefit of this was the ability to replace bushings & oil seal while Torque Tube remained in truck.
My hunch is the reason they did away with the slot was to eliminate oil leaks or to gain strength in the Torque Tube.

1934 Chevrolet Repair Manual
Slot in Torque tube Lower RH corner of page.