Gary (and, drdoug),

drdoug's fix is the better/easier way to repair that leak, unless you have to take your rear-end apart.

Some/Most people would suggest using the "Oakie Bushing" as a first choice for repair.

Hmmm, maybe someone might post comments on using the "Oakie Bushing", if an Oakie bushing was already used as an earlier repair? A repair was certainly needed since 1946, unless the truck was not driven much?