From bitter personal exerience, I would recommend that any one considering changing the torque tube bushings on a 47 1/2T re-think the project. Just leave the old ones in there 'cause the new ones will be too tight and won't line up with the drive shaft. Five hundred bucks worth of machine shop work and the torque tube is just a boat anchor.
Can a '55 or later drive train be used to eliminate the torque tube and differential? Does any one want to buy a '47 with nothing connecting the transmission to the wheels?