ok so after hours upon hours of sifting through articles on here and on the net i have answered my own questions. yes the arms need to be dropped, and a 42-50 ford truck main shaft and bearing retainer must be used to convert the torque tube transmissions to open drive.
Add a mono-leaf front spring and the front end will really come down. I have just under three inches under my grill. Yes, I am careful.
Hey, bbr, I used a Magnum, 4" dropped axle, Posies' super slide front spring(comes with biscuits installed), homebuilt shackle extensions(2 1/4" longer) for rear along with Posies' super slide rear spring, tube shocks all around. My wife is somewhat of a skeptic, but she really thinks the old '40 sedan rides fine. Good luck.