Richard - There a lots of folks that have done what you are planning on. As mentioned above by others, you'll have to convert to an open drive rear axle to go with the T5. There are a ton of threads on the T5 topic,with many also specific to the Art Deco (1941-46) era trucks.
Here's just one
example of a T5 Art Deco topic thread. The thread itself is not full of a lot of details, but fellow Bolter "Cavebull" has a reply in there that leads to links to a couple of his picture galleries. One gallery is specific to his
T-5 Swap, which includes important info on the unique need for remounting the 1941-46 bell housing/transmission mounted brake and clutch pedal assembly.
He also has another gallery on what he did for his
Rear End Swap which may be of interest in choosing your axle swap choice.
Others will come along and offer more info as they can, but please be aware that the Art Deco trucks hve some different requirements and obstacles to overcome compared to Ad truck T5 swaps.