If you are going with a T5, consider a third member swap from a '55.2 to '62 1/2 ton axle. It is a bolt in to your original housing. You'll have 3.90 gears and an open drive shaft.
That is as "bolt on" as it gets for your situation.
You will still have to weld your spring pivots though.
Any other complete axle will require relocating and welding the spring pads.
This sounds like the way I want to go. I would like to keep the original axle if at all possible. So my old axle shafts and everything will fit right in, all I change out is the differential? What do you mean by welding the spring pivots?
Also, I found a 1950 GMC that is similar to mine but is an 8 lug. The rear axle looks the same except for that it has an open driveline, would I be able to use this differential one in my 1/2 ton, and if so would it be worth it because of gears, or would it be better to find a 55-62 one like you said above? It has an SM420 so I would guess it might have pretty low gears.
Sorry about all these questions, you can tell Im new to these trucks.
-Nick