I did this on my '51 way back when, with a '59 pumpkin. Gearing went from 4.11 to 3.90, hardly worth the effort - are there taller gears in later versions?

Re Welding up the spring perches (pillow blocks) Be sure your welder knows how to weld cast iron. Mine fatigued and broke after about 10K miles.
exciting handling with only the shocks, shackles and U-joint holding the rear end in place..!