As said above, the torque tube axle housing has to rotate where it attaches to the rear springs as the rear wheels move up and down. You will have to find a way to "capture" the axle to the springs when you convert to an open driveshaft. It's been done before.
'57 GMC 102, Original 347 V8, HydraMatic, 3.08 rear gear, added A/C, disk front brakes, HEI, AFB carb, '98 Honda Black Currant paint. T-boned and totaled 10/12
'52 GMC 152 Stake Bed, Original 228, SM420, added A/C, HEI, disk front brakes, '67 Chev 3.55 rear gear. Gets used as a real truck.
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