If you want to keep the 8 lugs, you may want to update your brakes to Bendix type. I believe yours will be Huck type. Although you can get your shoes relined and new wheel cylinders, new drums are almost unheard of. Correct me here, everyone, but I think 53 and later had the Bendix set-up and can be retrofitted to your axles.
You can find a 4.10 center section which will bolt into your current rear, or go the replacement axle route to get an even lower ratio. I would suggest getting a bracket to install a dual circuit master, either way, so one leak doesn't take out all your brakes.

Current fleet (subject to change w/o notice)
\'49 GMC 3/4-Ton , 60 Austin Healey Frog-eye Sprite (some assembly required), 2011 Dodge Avenger, 2015 Jeep Cherokee. No, they don't all run.
My other ride is a (B737)no, (B767)no, A320.... Update... was Embraer E190, now Boeing B787.

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