Yes, you could put 15 inch custom rims or 15 inch steel rims off a later model pickup with some lower profile tires and drop it a bit. I'd stay with a fairly narrow tire on the front though as wider tires could increase the effort to steer the truck in tight quarters.

Sid's http://www.droppedaxles.com/ has a great reputation for doing dropped axles right.

48 Chevy 3100 going back together with a 292 six and AX15 five speed.