Then you have a 1937-1941 axle. It appears to me to be a dropped original. Aftermarket axles tend to be a bit more "regular" and uniform. Originals appear more art than science, if that makes sense. You can see what I mean in the previous post that I made that has three different front end setups. Those axles are forged, and a bit over-sanitary. They look new.
Note the distance between the kingpin and the springperch on this earlier dropped axle that had an upside down bone on it and that was the subject of discusson. Note the clearance for the reshaped stock steering arm. The images below were borrowed from www.droppedaxle.com Rather than post the link as I usually do I wanted them out for show and tell. Back in the early 70's when I built my T bucket I started out with a later model Axle that I dug out of someone's scrap pile and the tires hit the bones when you turned the wheels because the bones were out so far. I was running it spring over with a lot of measuring spring wise and I ended up putting a bend in the bones to clear and that wasn't even a good idea looking back at it. If you have room to move the back ends of the bones in under the rails close to like they would have been with the original wishbone it should clear. That is how the Fat fender guys run the bones when they do a trans swap and don't have the original mounting spot.
Sorry for the extremely late response. I think it's a 70's catalog axle. It had batwings that were stamped PSI. It may be original, but the guy at the axle shop thinks it's aftermarket. I was going to finally order those So-Cal arms, but it seems their site is down. I wouldn't run blind-mount arms; gotta be bolt-through.
I'm a little late to the party but even the deepest drop arms will not get the tie rod under 32/34 bones. They work fine with 37-48 bones. Years ago I built a deuce pickup with 32 bones and did manage to accomplish this feat but only by using forged CE deep drop arms with some additional bending. You might check Roadster Supply, besides the super deep drop thru bolt arms Ray is showing some dropped tie rod ends.
As I said months ago, that is a dropped Ford axle. Your local guy is wrong. PSI was an early hot rod parts company that made suspension stuff, but not that axle.
Man, I have some hairpins. Maybe I should see if I can mount those up. I think those are A bones on there now. Correction: I think those are ladder bars that I have.