Rutjes, you posted "I think you guys are on to something. It IS different. One of the previous owners must have swapped the complete axle for one with different drums. Explains the faded blueish tint on the diff, doesn't look like a factory color to me.
I was near the truck today so went and got a close-up photo." a while back.
I have a 1980 K-5 Blazer in addition to my m1009 and after tearing up a couple stock rear ends years ago, I swapped out the rear diff for one off a Suburban with a full floating 14 bolt like what you have. I changed it to disc brakes with the El Dorado calipers. I will agree the calipers are a real pain to get set up and they did not work at all for a while. I finally took them apart to understand them and in my case I had them on the wrong sides of the axle so setting the brake released then and releasing the brake allowed them to try and "set" but without enough pressure to do much more than drag. Once I got it figured out and adjusted, I couldn't be happier, now when I set the brake the vehicle does not move at all, no moving an inch or so, just holds the rear wheels tight. Even on a hill they hold solid which in my case is a bigger deal as it is a manual transmission with out a parking pawl like the automatics. Also there are kits available to convert a full floating 14 bolt to disc brake AND 6 lug hubs so your front and rear wheels can be the same bolt pattern unless like mine the front axle was converted to 8 lug as well because the 6 lug hub kit wasn't available at the time I did my 1980. Regardless I hope this sheds a little light on your situation. The Suburban rear end is almost a direct bolt in except for the spring perches. The position of the perches is perfect it is the Suburban springs are too long to use on a K-5 or M1009 and the center bolt on the K-5/M1009 is too small to fit snugly in the centering hole on the 14 bolt spring perch. I just took out the springs removed the center bolt bought the correct size for the 14 bolt and re-drilled the center hole in each leaf and put the spring pack back together, then it was a bolt in conversion.