I think you should bite the bullet and rebuild it. While you're at it, install a posi unit. That way you know what you have. You might find a good rear end in a salvage yard, but you never know for sure.
You can do the work yourself if you have the proper tools. You'll need, at the minimum, a dial indicator to set the backlash and an inch-pound torque wrench to set the pinion preload. And a good manual. If you set up your rear end wrong, though, you will have a very expensive and noisy mistake.
I don't know where you priced your rear end parts, but I got mine from Drive Train Specialists, a local business that also has an online store. I found them to be very knowledgeable and helpful. They can give you some good advice as to which ring and pinion set and posi unit to use.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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