Ok guys I have the very axle you are debating...
I took my OEM HP D30 and cut the inner knuckles off of it...
I then mocked up with warn XJ inner shafts where the ujoint centerline and the ball joint/kingpin axis needed to be - it puts the D44 inner knuckle 1.25" beyond the placement of the late model D30 stuff.
I then took K-5 inner knuckles with some tube still attached - never touching the factory K-5 weld I cut the tubes to make up for the offset distance and then turned a small register and beveled the ends for welding - welded them on and ran XJ D30 inner shafts, CTM's and 79' wagoneer outer stub shafts....
All axle shafts were from 4WP with one phone call , and one call to Jack at CTM
I also used the waggy donor axle for brakes, spindles and hubs - combined with some 6 bolt flat top knuckles this gave me high steer, big brakes, warn premuim hubs and servicable wheel bearings.
The HP 30 w/ 4.88's and welded spiders has had no issues - since 2002 when I started running this setup with 38.5" SX's
In that time I have rolled the jeep 5 or 6 times, killed a few link bars, 2 front driveshafts (died w/ link bar failure), bent the long side front tube (even w/ trussing - then straightened it), broke a 31 spline 9" rear axle and generally flogged the 5000 lb rig... In all that time the setup has never been unable to drive out of the woods and make it home...
Every time folks look at the setup they wonder why? However it used parts I already had (diff), it keeps working, and it keeps the D30 haters confused - So I say go for it!