I just wanted to add some info for anyone wanting to do this conversion. I talked to an old Hillclimb racer about doing this conversion to the banjo for my HA/GR, he told me they used to use T-Bird axles, cuz they're narrower than the pickup or 49-51 Merc. So, I went to the Hollander for a little sleuthing. Turns out the 48-56 pickup and the 49-51 Merc axles are EXACTLY the same axles. 29 15/16" long, 19 spline and, verified his comment- '52-'56 Ford and Mercury wagon, sedan delivery, police, and 55-56 T-bird use the same axles, and use the same (interchangeable) carriers, spiders and side gears, as well as the same axle bearing, as the pickup. They're 2" narrower PER AXLE (27 15/16"), than the pickup, and use the 5 x 4 1/2" bolt pattern. I called my local old car salvage, he has 5!!! I should have one next week sometime.
just wanted to add that I verified my previous info today. I picked up a '54 Ford wagon rear, got it torn apart, and compared all the pieces to the F1 pickup stuff I have. It's all interchangeable, save for the lengths of the axles, and the bolt patterns. here's the basis for this conversion http://www.jalopyjournal.com/forum/showthread.php?t=151&highlight=modern+axles
Pete, F1 axles will give you the same width as a 48 Ford rear. This will ensure you'll clear the quarter panels on you modified. I have a rear end here.
Oooooh ahhhh. What plans do you have for said rear end? I have a long(ish) term plan to build a QC with late axles. That rear would have 5 on 5 1/2 pattern too, wouldn't it? Very interesting.