I had this setup in my 48 3100 when I bought it. It was a complete abortion. The pitman arm, draglink, and steering arm would rub together and bind when I turned the wheel and there was about an inch of clearance between the top of the axle and the oilpan. One good bump and the oil pan would have been toast. I suppose I could have modfied the frame, raised the motor, raised the steering box, etc but it was much, much easier to put a dropped axle in it.
-Rich