Hi Tomztoy . . .
For this type of swap the entire rear-end needs to come out of the car. If you pull the bolts out of both ends of the spring eyelets the axle and third member will drop and you can slide it straight out the back of the vehicle:
of course the e-brake and brake lines will have to be disconnected as well.
I have read that the open drive line pumpkins from '55 and up will bolt to the these older banjos - not sure how far 'up' into the future this inter change continued. The ring gear carrier is bolted to the banjo - the torque tube is riveted to the carrier - you need only to unbolt the carrier from the banjo and replace it with the open drive line carrier. However, with such a swap the spring perches must be reworked.
With a torque tube there is only one universal joint - at the transmission. This universal includes a slip yoke which allows the length and angle between the pinion and tranny to vary as the axle moves up and down through suspension travel. Because of this the springs are mounted in such a way as to allow the the axle housing to rotate on the perches.
When switching to an open drive line the pinion angle needs to be SET by the perches. The axle must be fixed at this angle so as to work in harmony with the universal joint on the transmission.
Long story short - you can reuse the axle housing - but not the stock spring mounting arrangement.
regards,
stock49