Check out the folder in my webshots with the 61 Ford in it, I narrowed an axle for this one as well, and tried to take better pictures.
The axle is clamped to a flat table for most of the time it is welded, and clamped while it is post heated and then over night as it cools slowly.
A section of sturdy I-beam about 30" long or so would be a good strong-back to clamp the axle to, that's what I'll use next time, I have about a 8" beam with 3/4" flange thickness.
You will also need a good torch with a rosebud to pre and post heat the entire axle for welding. Then a grinder and a good drill press would suffice.
The same 20" wheels and tires can be reused, but a bushing will be needed for the center hole of the wheel, from 4.75 to 5.25, as the center hole diameter changed in the 53 over to 54 model year.
I'll send you a PM this evening about price for me to narrow an axle.
Do you have pictures of your truck?
Grigg