I did this on my PV just a few months ago. Took about 2 - 3 hours a side, with much of the time being spent fighting those shock mount bolts frozen into the arms. I just angle-grinded a 'V' into the thick part of the lower shock bolt, bent it closed, and MIG'ged it solid again. I ruined one of the shock bolts getting it out (it was extra stuck and mushroomed the threaded end while pounding it out) so I just welded it back in place. I figured if I ever needed to replace it I could just grind off the welds. I need to rig up a better permanent brake line solution, with a short hard line from the caliper to the shortened line mount on the dust shield, and shorter flex lines from there to the body. But I was able to use the original flex lines - they do a bit of a complicated snake between the shock and king pin carrier, but it is long enough and fits directly to the caliper. I wrapped it with electrical tape in the potential rub spots as an early warning for problems with abrasion, and the tape doesn't show signs of wear yet.

In normal operation they don't work any better than the original drums. They aren't any stronger - slightly weaker if anything. But they have a great solid feel on the pedal, don't need adjusting, and don't fade after 2 or 3 hard stops in quick succession. And while rebuilt calipers are a lot mor expensive than wheel cylinders are, the rotors are about the same price, as are the pads vs. shoes. And the pads are very easy to put in.

I got lucky and found a complete set for sale on eBay. They came with some aluminum spacer ring to make them fit on some very early Ford as a hot rod conversion. They just torched the arms off and sent the whole spinde.