It will not work. Best to look for 64-67 spindle/hub/brake assembly. You will also need the 5-lug lower control arms as the spindle stops are different. You can cut the spindle stop on your arms and get it to work, but doesn't contact quite correctly.
There are also disc brake kits available with spindles, both stock height and 2" drop. You would still need the 5-lug steering arms.
A word of advise: Trying to do brakes on the cheap is not always the best idea. You want to make sure you end up with a car that will stop. JMO