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Well, actually Mark it can work with some modification. He would have to do it the same way we put D60F's under a 1/2 ton or Bronco with coils. Since the axle has a longer driver side axle tube, it has enough room for a radius arm.
The questions here are whether or not the OP has the fab skills to pull this off.
The other consideration is that the 3/4 ton front axle will have an 8 ug bolt pattern, and the wheels will have to be changed. If that is not a problem, and the OP decides to upgrade the rear axle too, and wants to changes wheels then maybe no problem, but I would think that it would be easier to just use all of the "outer hardware" (from the knuckle out) and convert the old 1/2 ton axle to an 8 lug with disc brakes.
This would be much easier than fabricating the entire 3/4 ton axle.
Maybe??????
You can also keep the original axle, and upgrade to the 76-79 F150 disc brake setup. Still the 5 lug, and not too difficult-if you can find the parts cheap.