Hey guys! Thanks for the fast responses!
Otto: I have read many similar to responses to yours in other threads, and I understand your argument. However please understand I'm not looking for a 75 year old truck to perform like a "modern" vehicle.
I think I summed up my goals pretty well - better ride quality, better brakes, and better gearing spread for drivability. I'm perfectly happy with manual steering and brakes, just want to be safe going 55...and the fuel tank out of the cab so we don't have to smell gas every time we drive! I would probably be fine with a stock-ish 3100, but that's not what came our way...
OK, that's a lot more information that helps us get what you want out of the truck you have.
I use my 100% stock 1950 3100 as regular transportation. I drive it on the interstate at 55-65mph on a weekly basis. It has a 216, 3spd, 4:11.1 rear end.
The ride quality improved dramatically when I replaced ridiculously wide 15" rims and tires with the correct diameter 16" rims and narrower radial tires. The larger the outside diameter of the tire, the faster you can drive at lower engine RPM. The factory tires were 30+ inches in diameter. With the proper diameter and narrow width tires, steering the truck became easy rather than a chore.
New shock absorbers were the next best improvement to keeping the truck from shaking all over the place every time I hit a bump or pothole.
You mentioned that your springs, kingpins and steering is worn out. Repairing all of those items will make a night and day difference in how you perceive the drivability of the vehicle. Any slop in the steering gear and steering linkage will be amplified in the steering wheel and make driving a scary, unpleasant experience.
I can let go of the steering wheel at 60 mph and the truck drives straight and true. Going over potholes doesn't yank the wheel out of my hands. In fact, I regularly drive with one hand on the wheel and never feel like I'm going to lose control if I'm on a rough rode.
My truck has properly rebuilt Huck drum brakes and stops without any drama. No fear of exiting a freeway at 60mph and not being able to stop.