Glen,
I'm not saying it can't be done, but it will be difficult. As you are aware, crash box 4 speeds were the norm till about 1947. In 1948 or 1949, the transmission to bellhousing pattern changed. All the 4 speeds after this time will not directly bolt up to your bellhousing.
A very early (1947 or 1948 maybe) torque tube type sm420 might bolt up to your bellhousing, but it may also be longer than the crash box.
If you don't want to also change the rear end, you are probably better keeping what you got.
If it were my truck, I would build a mild 261 to replace the 216, find a later open drive dually axle, and replace the transmission with a NV4500 5 speed. It's not my truck.