Arlanan, If you are referring about your 1962
Overlander, it would have been one of the first years of torsion axles. The above poster is correct if the original axles have never been replaced, they are beyond the service life. In addition a replacement axle will not have an exact fit as there have been design changes since 1962
that will make some minor modifications necessary. (I believe you will have to drill some holes in the mounting area)
While cleaning or removing the rust on the hubs would be nice the chances are very high the axle assemblies are no longer functioning correctly if these are the original units. (Torsion axles were introduced in 1961
I believe) Replacement would be the only repair available to restore the correct ride height and correct suspension to this unit.