I'm considering using the Caddy 500/TH400 setup in a 59 Burb, but I'm not past the planning stage yet. Do you intend to keep the straight axle/leaf spring front suspension? If so, I'd suggest modifying the bellhousing crossmember rather than removing it, as it also provides frame stiffening near the back of the leaf springs. Removing it altogether might result in some unwanted frame flexing as the springs absorb driving loads. Just a thought, as I haven't worked with this type of swap yet. The remote filter setup will probably be preferrable to chopping on the front crossmember, IMHO.
Jerry