That pin has to be removed (maybe someone will post the years in which this pin was used)?Under
group numbers 5.450 and 5.451 DOWEL & KITS, Propeller Shaft Bushing and Seal (look at "NOTE:")
Looks like all 1929-1950 1st design torque tube bushings had a "stay-pin"/Dowels.
From 1950 to 1954 2nd design torque tube bushings , all bushings were press fit.
More info:
1949-53 car shop manual under "REPAIRS"
And Here
1948-51 truck shop manual under "Replacement (1950-51)"
Oil Seal for all years was press fit.
Thanks