It is a lot of work. But it's not complicated and doesn't require expensive tools. Well within the realm of DIY projects. As stated, it's much easier with the bed off. I've always done them with the bed on.
And for an educational tidbit, that is the front spring hangar. The shackle hangar is at the rear and has a shackle that pivots between the hangar and the spring eye.
For removing the rivets, I use a cutoff wheel to grind slots in the rivet heads. That makes it easier to chisel off the remaing bits. Then I punch the remaining part through with a hammer and punch. I think they are either 1/2" or 9/16" diameter. Sometimes, I drill a 7/16" hole in the rivet to weaken it and make it easier to drive out. The punch I use is home made from a piece of rebar with one end ground down to slightly less than 1/2". Don't skimp on hammer size. Little hammers won't get the job done.
Official rivet removal tools at the Curious Hound kennel.
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