Mine was free! Ha Ha I have done this mod already and wouldn't mind sharing pics and notes. I've meant to make it a write-up but haven't had the time through the summer and fall. I reworked the tongue as it was cobbled together by some old farmer. I did an over-axle lift and that made plenty of room for 31" tires and lots of ground clearance. I don't think you'd want to go higher because I feel you'd be getting into unstable conditions. My trailer looked exactly like yours and with the over-axle lift and the bigger tires I probably gained 10" of lift at the bed, about 5" of clearance under the differential, and over a foot at the tongue after modifying that too.I've got a little patch of trees on my property and I was dragging the trailer out on the ground before all the modifications, now even with a very heavy load of oak firewood the trailer off-roads like a champ. I also gutted and light-weighted the axle, removing unnecessary items like the pinion shaft, ring gear, brakes, and some odds and ends welded to the frame. I can wheel it around by hand now, it's no wheelbarrow but it is very lightweight. I am going to put shocks on it, doing 55 in the mountains and going from one corner to the next with the trailer loaded I can see the trailer lean and just to satisfy my OCD (undiagnosed) I'd like some shocks to control that sway a bit. It tracks straight, doesn't wander, or wobble, but empty it will hop pretty good over rough road and speed bumps because it's so light.
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This was a pretty good load but I've since hauled a much heavier load of oak that had the leaf springs just past flat, putting a slight recurve in them. This trailer seems to handle better when it's loaded down like that. I added the square tube from an old receiver hitch off of a 3/4 ton pickup so I could use the bike carrier. We've tied them on top of the load for a few years now and this is a lot nicer and requires much less head-scratching.
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I didn't do anything to the body yet, had to abandon this project and get my summer chores done. It was a 72 Ford Courier, Mazda built the axles for them, same axle as the B-series pickups. The 6x5.5" lug pattern let me use any 6 lug Toyota wheel.
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I worked in a platform for our big cooler with a big plate in the front and two on the side to keep the cooler situated and there are tie down points for two straps to go over the top and hold it down. This is the handiest thing about the trailer, access to cold water and snacks on the road, and you're not taking up walking room in camp because it stays on the tongue of the trailer.