Henry...…....There are quite a few folks running these old Fords that have done exactly what you reference here, with extremely positive results. It's true that the fronts do the majority of the 'stopping', and that the rear Lockheed brakes are more than adequate to handle their quota when used in conjunction with the "Bendix" self-energizing type front brakes. Click the link below for the folks that have it all, MT Car Products.
If you swap to a dropped axle, do yourself a huge favor and get one that is an original Ford I-beam that has been professionally dropped. Many of the NEW dropped axles are of 'unknown' steel qualities, and many of the aftermarkets have perch pin holes that will not line-up with your stock wishbone. DD
http://www.mtcarproducts.com/Brakes.html