I don't know why it wouldn't. People have replaced their 3/4-ton axle for a 1/2-ton axle: Same springs, same U-bolt centers... what am I missing? Disclaimer: I have not done this myself. But a study of the literature seems to indicate it can be done.
http://chevy.oldcarmanualproject.com/shop/1948_51truck/index.htm

http://chevy.oldcarmanualproject.com/chevyresto/52index.html

http://chevy.oldcarmanualproject.com/chevyresto/52129.html

Good luck.


Professional Novice