ok, here's my experience. I have a '49 3100 with a 350 hp 327 & m21. In the late '70's I swapped in a 3" dropped axle from Mordrop in Oakland Ca.
I did have to build a new tierod & mount it under the steering arms to clear the springs. It's worked great all these years with the stock steering, but as I get older, I appreciate the finer things in life like power steering.I'm now in the process of installing a Jeep Cherokee tilt wheel connected to a Toyota 4x4 p/s box ( Iknow that's herasy !!) mounted forward on the frame at the core support. I originally had the stock steering box mounted on a spacer bracket to clear the exaust. good luck on this one.

1949 chev 3100 3 window. 350hp/327/m21 4 spd, 12 bolt rear, power brakes, 3" dropped axle from Sid's. Disc brakes next.