I need to move my rear axle back half a inch, should I drill a new hole in the leaf or drill the spring plate and axle pad.
You can really go to probably about 2 inches, or at the edge of the spring pad and be OK. The hole is to locate the rear, and the U-bolts are what clamp it down. It *should* be centered, but many people alter it and it works fine. Especially the 49-54 Chevy guys when they put an open drive rear in.
1/2" likely wasn't an issue but any more and you should redrill the hole in the u-bolt plate also. Then your u bolts aren't running on an angle.