I have stock rear springs on my '48 1/2 ton with a 3.73 limited slip rear from a Firebird. I just had to change the mounts a bit.
I have an Ididit tilt column connected to the stock steering (no power steering) with Patrick's monoleafs having replaced the stock front springs (only because the shackles were broken and replacement springs cost just as much as Patrick's monoleafs.
The ride is "trucky" (not smooth like a modern vehicle, but not bad.)
I know your '38 is probably different in some respects, but I think the point is that it can be done.