The 3rd member will not swap. The Passenger 3rd member is smaller and more of a flattened oval shape. For a swap, you would need a '55-'62 Truck 3rd member, which will fit no issues.
As far as using the Passenger rear complete, there's no reason it won't work any different than any other passenger car rear. The brakes are smaller than the truck brakes, but that's the only real issue. Positraction 3rd members are very common for that rear, if you were to consider one.
