You have the right idea by asking and planning. I’ve got a 46 similar but not exact. I wanted to keep the straight axle and get it lower so I put on the mono leaf. I did get the height I wanted but the ride is stiff. I changed to tube shocks and new tie rod ends. I had to move the steering box to clear the V8 which caused me to make up an adjustable drag link (a recent up grade talked into here on stovebolt). I can now say you will want to be able to center the box. I put on disk breaks with a power booster (where do you want to mount it) because a little whoa! is good .As said earlier there is no thrifty way around it.
