Here is a great article from Vince Falter. https://www.fordgarage.com/pages/brokenshackles.htm
I had one break exactly as shown in Vince's and Tom's articles. They seem to break right thru thr grease hole. I found it when I was installing my Mitchell O/D. I don't really know how long it was broken.
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Look closely at the photos in Post #7 and 8. One hole in the link that bolts to the end of the shackle is elongated from wear. That will put a bending stress on the shackle at the lube hole and cause it to break. It may be that the nuts were not tightened sufficiently.
This was kinda my thought as well. The shackel has to move relative to the cross bar to get that wear, and to my mind it would only move if it was separated first.Or it could have been the other way around. The Shackle broke wearing the hole in the cross bar oval over time. You don't want the nuts too tight or the shackles will not "flex".
OP's pic #2 shows the dust cap and rubber bushing of an original tube shock link. But you're right, there's a bit of corrosion going on. And a fair bit of caked on dirt/mud.Is that a piece of a dog boned shock link? a little corrosion.