CHEAPest way to convert rear axle bolt pattern to big bolt pattern???

I have redrilled axles & drums on my 8 3/4 rear. I am not sure there is enough "meat" on the flange of the 7 1/4 to redrill. I will look later today.
You are incorrect about later rear assys. All 7 1/4 "A" body rears are the are width. So if you can find a later large bolt pattern "A" body rear, it is a bolt in swap. You cannot install late model LBP axles in the earlier SBP housing, the bearing size is different.

Do this. No headaches when it comes time to replace drums, and I'm betting you can get a 7 1/4 for less than what your machine work will cost. Plus, no question about failures from redrilling or any of that. I'm betting you can get this axle for free or near it, and the cost of some brake fluid and 2-3 hours of work.

Edit, think about the cost of having to redrill drums if you ever have to replace 'em, too.