In my '38, I used a mid-eighties 4WD S-10 axle (the 4WD axles were wider than the 2WD axles) with 3.42 gears and 4" wide two-piece bolt-on 5 to six lug adapters and stock wheels with original size bias ply tires. It was just the right width.
I used the .72 overdrive T-5 with a stock rebuild 261 inline and was very happy with the pep in the old trucks step.