bolted 54;
Welcome to the shop!
I'm now running one of Sid's 3" dropped axles and a set of monoleafs. You can follow the picture trail of the dropped axle in the link below. I just put the mono's on this week.
Here's the main problems when you lower a straight axle truck:
1. You'll have to "flip" the tie rod ends to run underneath the springs. This can be accomplished with over the counter parts and a little elbow grease.
2. The drag link won't be parallel with the frame anymore and you'll have bump steer until you do some modifications. I did 3 things in combination on mine, first the pitman arm was shortened 2". Next I raised the steering box about 1" higher than it's stock location, then I heated and bent the steering arm down where the drag link connects.
You should be able to get the bump steer out without moving your steering box though, I did that mainly to drop the steering wheel position inside the cab.
Enjoy your truck. This is a great place to hang out and get help.