Researched a bunch of posts before I did this, and decided on a 4.88 ratio for the semi float axle based on advice from the forum. I figured I'd post up some pics of how I did it for your congratulations, derision or curiosity.
I decided to grind the pin for a couple of reasons, a) it I screw it up it's a lot easier and cheaper to replace than my R&P, b) it has much less asked of it in the strength department than the ring. I did end up needing to grind the ring a bit, but it was much less than if I hadn't ground the pin. I think there's plenty of pin left to keep the axle shafts where they're supposed to be.
I decided to grind the pin for a couple of reasons, a) it I screw it up it's a lot easier and cheaper to replace than my R&P, b) it has much less asked of it in the strength department than the ring. I did end up needing to grind the ring a bit, but it was much less than if I hadn't ground the pin. I think there's plenty of pin left to keep the axle shafts where they're supposed to be.