Well Brain, anything can be done, thats what machine shops and welding shops are for. You have a enclosed driveshaft on that rear end. to use it with a bucket, or anything with a modern transmission, your gonna have to convert to a open. There are kits for this, but some machining is envolved, for the oil seal. Also, the early rears reaally don't have the axle bearings and axle diameter for them to be bulletproof behind a modern motor/trans setup. And the brakes are probably small, too
If I were you, I'd run a S-10 rear, your gonna have to shorten that driveshaft anyway, the old enclosed will take alot of work. It would be alot faster and cheaper with the S-10, less work involved.
On the enclosed, you'll have to cut the outter tube, then shorten then shorten the driveshaft to match, then find gears, then worry about your brakes, and this is with running a trans that allows for the enclosed driveshaft. Sell it or trade it to a restorer....JM2CW....