One of the solutions mentioned to me in "recycling" a rear axle that the thread had become damaged was to "turn it down to 9/16" and re-thread."
This I did IN PLACE on the car using a grinder and a Little Giant diestock minus the handles. It was a precarious exercise only aided by the fact that grinding using the engine to rotate the axle actually yields a pretty uniform and concentric beginning for the diestock.
Now what do you torque this? I looked at the torque recommendations then available which are more or less repeated today online.
One source:
https://www.boltdepot.com/fastener-information/bolts/US-Recommended-Torque.aspx which yields 91ft-lbs for 9/16" fine thread on a grade 5 bolt. My thinking was that the axle was likely better material than today's grade 5 but possibly not to the equal of today's grade 8 (129ft-lbs) So I went to 100 ft-lbs.
That axle continued in service until the entire rear axle was removed and replaced in the current re-work of the car. (When you have no less than four spare axles - you use the best one available.) I think the axle shaft is still around here somewhere...
Meanwhile grade 5 torque for a 5/8" fine thread is 128 ft-lbs and grade 8 is 180 ft-lbs. Either of these I consider too high given this is not a matter like common bolting which relies only on the "stretch" of the tension member (bolt) to do the actual restraint.
WHN above: In the case of the rear axle nut, the "stretch" is a combination of the tensile stretching of the segment of the axle beyond the taper AND movement counter to friction of the hub on its taper which tends to relieve the tension. The two opposing actions find a balance in torquing of the nut.
Another way to look at this. From contact on a bolted joint to full torque tension, it may take two turns to reach the target tension. From contact on a bolted hub to full tension may take FIVE turns to reach the target tension - three of these turns simply "expand" the hub on its taper and find it's "friction point."
The problem and the issue which can lead to stretching the hub - the bolt yield is considerably stronger than the yield of the hub.
Dropping back to 9/16" lowers the bolt yield point appropriately to match the yield point of the hub.
The oversize axle thread a disadvantage AND advantage of Ford "overdesign."
If this were a Volkswagen, the engineers would have cut down the size of the bolt/nut to conserve on materials. Stretch bolts (tensioning to beyond yield point - common to a fault on VW) bring this thought to full application.
Joe K