First off,NICE TRUCK!...I had a '72 K5 and a '71 K5 CST years ago..
I'd run regular non-synthetic detergent oil unless you know for certain it had non-detergent oil used in it for a long time..judging by its condition I doubt the previous owners used anything but good oil in it...15W-40 diesel rated oil has more ZDDP in its additives to help keep the flat tappet cam lobes from wearing down,many of today's other oils dont,so be wary of what you use..
Today's ethanol gas can cause the old hoses to fail and it tends to loosen up any crud in the fuel system..it would be wise to replace the rubber hoses from the tank to the carb to avoid any failures and possible fires or hazards..
I'm not much help on the axles or repairing the frame at the box,I never had any issues with the dana 44 in my 1/2 tons,but all I did was street driving and plowing,no off roading really,but those old Fisher plows aren't lightweights and I never broke any axles or bent housings....never had to fix a frame at the box yet either,I guess the Fisher plow frames I had on my trucks beefed the frame up enough to prevent any stress from cracking them there..