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Since the hangers are ruined already, they will be a snap to remove. You can easilly grind all of the heads off of the rivets, and punch them through the frame. This will leave a clean hole. New hangers can then be bolted up. Be cautios with 1/2" hardware, as this can leave the holes in the hanger a little thin.
The rest is really pretty easy and straight foward.
I even grind the head off of the bolt for the spring itself. Probably should consider replacing it anyway, so cutting the head off is not a bad decision.
On both sides of mine I wasn't able to get the rivets out without drilling them. Hand punch, air hammer, it didn't matter. If you have trouble just drill through the center of the rivet on the inside of the frame, it releases pressure and lets you punch though.
You southern guys and your riveted spring hangers. LOL I'd be willing to bet that any truck of this vintage in Nova Scotia that isn't on it's third set of spring hangers never saw winter. Seriously though, as mentioned, if you are changing the shackles too, they are the biggest pain to remover. After days of soaking with Moovit (great penetrant) punching, grinding, drilling....the finally came out, but what a major pain. I spotted a couple of good spring hangers and a really good bumper at the local junkyard the other day I am planning to go liberate on my day off this week.
I had to cut all of my bolts off to change the rear leafs and shackle bushings. If you need the replacement bolts or bushings Broncograveyard.com was very easy to work they had all that that I could not find anywhere else and It was a lot cheaper too.