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First, what is the easiest way to convert the 5x5 wheel lug spacing to 5 x 4.75?
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They can be redrilled. At least the rears on my 61 were redrilled for Chevy bolt pattern when it was converted to Corvette discs. The front was not redrilled as it was converted to Corvette spindles and discs so it came with the 5x4.75 bolts. But maybe the fronts can be redrilled also. You just need a good machine shop.
I doubt that you can just change to Chevy parts directly. The Pontiac rear end is not the same as Chevy (I think open drive shaft vs torque tube) so changing axel shafts would not likely work. As for the front I don't think anything interchanges. At least Auto Interchange doesn't think so.
But maybe by the time you get a project done you will have updated all the anyway.