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Instead of welding the johnny joint on you could just weld a threaded sleeve to the trailing arm It would be like a link in a 3 or 4 link suspension
Isn't there a kit that does something similar to that, but that's a bolt on? I seem to remember a guy at the GM service center a few years back telling me he and a buddy put one on their car, in effect taking the load off of the half shaft as the upper link and adding a new link.
Strength comes to mind.The lack of to be exact. Just look at your diagram and you can see where it will break. One. where it will thread into the trailing arm. Two. the outer sphier of the joint. The heim joints thread size, and hole size are matched. You would have to put a pretty big joint back there to take any abuse. The hole size in the frame would have to be increased. I wouldn't be comfortable doing any high speed turns.
Herb Adams used to have a spherical ball bushing/joint kit (same type as HEIM joint) that you welded into the factory trailing arm. I bought one and welded it in, but ended up not using it. The assembly was pretty straight-forward. The spherical ball was greasable and I couldn't figure out the best way to provide access to the zerk. Then Moroso became the reseller for the Herb Adams stuff. not sure if they still sell it.