Welcome to forums Mike. Mating the T5 to a Stovebolt has been discussed at length here and elsewhere. There is an old Inliners technical article about which variant to choose and why:
Jack Halton - John Martin circa '08.
The S10 variants mate up to the Stovebolt bell house by virtue of a common bolt pattern. But other variants can be adapted.
From the transmission tail back there is nothing compatible with the enclosed (torque tube) drive line used through '54.
When going to a T5 you will have to convert to an open drive line. If you want to preserve most of the stock rear-end components you can try to source a '55 to '59 third member. The 'pumpkins' from them will bolt up to the banjo in your '47 and allow you to use ring and pinion ratios from the same era with your axles.
Your rear-end banjo will need to have its spring perches reworked for open drive line use. The stock perches are designed to rotate/pivot up and down as the 3rd member moves through suspension travel. Open drive line spring perches are welded fast to the banjo in order to set pinion angle - which is directly related to the installed angle of the new T5 tail shaft.
Good luck with your swap.
regards,
stock49