You might be able to get away with keeping the 5-lug, semi-floating axle on that one. The early ones typically had smaller, lighter camper bodies than the later, Toyota campers. Most of the problems with the 5-lug axles were with larger camper bodies (over 20 feet in total length) of the early-to-mid 80's campers, before the 6-lug full-floating axle was implemented.
I agree that you want to watch weight closely. Try to pack lightly. If you're near a recycling or scrap metal operation, they might let you use their scale to check the weight. I'm guessing it probably weighs in at around 4500 lbs. Many of these are usually over the GVWR (gross vehicle weight) of the chassis, and it's usually fine--the ratings have some safety wiggle room built into them. You don't want to get carried away though. You can check the GVWR that's printed on the plate of the driver's door jam.
Here's an informational site about Toyota motor homes. The forum has some helpful posts about the axle situation.
http://www.toyotamotorhomes.com/
Anyone own a 1979 or similar Toyota Dolphin?
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