Only the worn parts need replacement,. After nearly 50 years the ball joints, tie rod ends, and idler arm probably need replacement. And as long as it's apart new control arm bushings are probably in order. An advantage of the later design is the rubber control arm bushings. They are more comfortable and much easier to replace. Some of the 60-62 parts can be hard to find and cost an unbelievable amount compared to the 73-87 items. But once replaced they'll no doubt last another 50 years or more, especially since collector trucks aren't beat on like these trucks were when new.
My 1960 GMC came with a Dana 44 rear axle. Since these remain very popular with the 4 wheel drive crowd I didn't want to change it. I had the axle flanges redrilled to 5x5, the locating stub turned down to match the smaller hole in the center of the late drums, and slipped on the later 5 lug finned drums. Should you decide to go this route, be careful shopping for drums. There are a variety of drums shown for the same applications, many with different dimensions. Make sure the spacing from the inside mounting surface to the back of the braking surface is the same as your original drums and they’ll fit like a glove. The fins make the drums look much larger but the internal braking surfaces are the same I believe all the way back to 1951. The later drums offer the advantage of extending the fins completely beyond the back surface of the backing plates. This cuts down on the amount of dirt and crud that can find its way into the brakes.
