Then I noticed a ding in the axle tube, and it looked like the axle was bent more on that side than the normal camber arch would be.
The springs are 30 years old.
All that considered, and the bottom clearance issues we had getting it into the driveway, a new axle seemed to be the shortest course of action.
According to the title, the little TT weighs about 2800lbs. Based on the various dimensions, it looks like we have a 3500# axle. With my rebuilding (some would call it overbuilding) there's no way it's going to weigh less than original, and with our stuff, it's probably going to weigh more.
So, I went with an upgraded axle capacity (was looking for 4500#, but found a deal on a 5200#), and ditched the 4" drop for a straight tube. I'm guessing with the straight tube, and new springs with greater capacity, I should see a 5-6" increase in ground clearance. As we needed a drop ball mount before, this should put the hitch lined up with the receiver on the truck. We'll see.
I originally wanted to go with the vintage style OEM steel wheels with little moon hubcaps and trim rings. Although they were rated high enough, the pilot hole was too small. I wanted something that would "fit" the old Coachmen, so that ruled out alloy rims.
What I settled on are wheels that look very much like the old white spoke steel wheels popular in the 70s, but without the spokes -

I got the six lug version to match the heavier duty axle. I think they'll look OK - maybe someday I'll get a few trim rings.
I also ordered three, so we'll actually have a spare. I was going to go with 16" wheels and tires, but I'm already adding so much height to the chassis with the axle, that I was worried about overdoing it. There's only one profile available in the 16" Goodyear Marathon series, and it adds another inch to the radius (IIRC). So we're using the same size (225/75R15) that came on it, but I went with Goodyear Marathon ST tires.
As an unexpected change, I had to get a wider axle width than I wanted. My goal was to center the hub face in the wheel well, as the wheels are zero offset. There was a minimum distance from the spring center to the hub face from the axle manufacturer and that put the face about an inch wider on each side than I wanted. Things should all still clear, and this should make the trailer even more stable. I may have to trim the fenders skirts.
A benefit of the 5200# axle is it came with 12" brakes instead of the stock 10". Still drums, but it towed pretty well relying on just the truck brakes. With large trailer brakes that actually work, and a brake controller (I just received the Tekonsha P3 I ordered), we should be a lot safer on the road than our first trip.
There's a whole forum war raging on about using ST tires vs LT tires, 15" vs 16", Chinese vs somewhere else, pro-Goodyear, anti-Goodyear, pro-Carlisle, anti-Carlisle. I waded through as much as I could trying to separate fact from fiction. I've used Goodyear tires most of my life and never had an issue with defects, performance or wear. Goodyear says these are designed for trailer use, the price is reasonable, and from what I read, the D range have been made in USA for a few years now. At some point, you have to weigh the options and pull the trigger, and I found mine on ebay for a good price with a recent date code.