Ok so you have a broken part. From the description I'd guess part of the pumpkin that holds an axle tube is broken?
If that is the case you are SOL! You need another rear end.
For that age of a vehicle I would be looking for a used axle with the same gear ratio in it that would swap right in there.
Big Jim <img src="/forums/images/graemlins/pfft.gif" alt="" />

professional bovine relocation specialist