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The axle should be a Dana 44 with the 19 spline axles. Ford used these through 1956 with the wagon and delivery models. The pinion preload is adjusted with shims when new so a person isn't going to get any more preload than what the shim stack allows. The pinion companion flange nut torque is listed at 120 to 140 Ft/Lbs. I pull them to low side then adjust for cotter pin if applicable. It should have no shake in the bearings at all. It may not have worlds of preload left but the bearings are old so you don't want too much anyway. If it has slack, it will have to be de-shimmed a bit to get at least some preload. It may not be a bad idea to pull the back cover and inspect the gears, bearings, etc. just to make sure it will go a while longer.