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I'm doing mine a bit differently than most.
I've got an old Ford Ranger rear axle (7.5" ring gear, not the heavier 8.8...I'm not putting out that much power) with 10" drum brakes. The Ranger shares our 5x4.5" lug pattern.
The Ranger axle is set up with the differential offset. The SHORT side of the axle is just right for the 122. So you need to shorten the long side and replace the axle shaft with a second short side axle shaft (about $100 new, or grab a second Ranger).
While you're at it, collect the two LONG axle shafts, because Ford Fox-body Mustang/Fairmont/Zephyr/LTD etc guys use those to swap to 5-lugs in the back (I actually got mine as an accident of Fox chassis ownership, I've got a converted 1980 Mercury Z7 Zephyr).
You'll need to match up the brackets for the springs, shocks, and panhard bar, and have the driveshaft made the right length and flange for the Ford axle. Lastly, you'll need to play with the parking brake cable ends to match them up to the Ford brakes.
It sounds like a lot of work, but what I've been doing is collecting the parts free/cheap, I've already started measuring and marking where the brackets will need to be. Although I can weld, I'd rather have the suspension parts welded by a professional welder.
I expect I'll have maybe $300-350 into this by the time it's done...compared to the $500 a pair of new brake drums for a 122...if the price is still the same and they are still available.
Brake parts would then be in the $35 range for a drum, $15 for the shoes, $10 for hardware, and all off the shelf for a 1983-2002 Ranger, in stock today at your local parts place.
I don't expect a real improvement in braking power; for me this is a logical path to follow for a daily driven car where historical accuracy and overall parts longevity are second to enjoyability and availability. Waiting 2 weeks for a $250 drum is fine on a second car. Having a warehouse would be fine but I'd rather let NAPA or Advance Auto be my warehouse.
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