To hotrodlincoln,
Did you ever get an answer to your original question? Or, have you tried it yet? I also have a stock '38 Plymouth Coupe and have contemplated the same thing - lowering the front end by moving the front axle above the springs. Probably like you, though, I'm concerned about the loss of support and the stress on the U-bolts. I had new front springs made for mine, I could find or fabricate new spring mounts, and have considered heftier U-bolts made to fit but still not sure it would be safe to try.
Also, maybe you have seen it already, but a 2" diameter tube axle with a 4" drop is available from Speedway Motors - "Dropped Gasser front axle, 48" wide, 4" drop" ($350+) and I believe it would fit our cars (plus allow for disc brakes) but then problems arise with the tie rod location and adding disc brakes would require a new and relocated master cylinder and all the work (and $$) that that would involve makes me shudder.
Anyway, I know it's been awhile since your post but I would like to hear what, if anything, you came up with to lower your front end.