I place my jack under the spring support and then put the jackstand just inboard of that under the axle tube, and then do the other side. Yes, I've seen many shops jack the entire rear up by placing the jack under the differential and apparently without problems and I'd do it as well but my jack doesn't have much safety margin lifting the entire rear of the car in one lift. Plus I feel it's safer doing one side at a time.
While attending to the rear brakes I very much recommend dropping the cables at both ends and cleaning and relubricating the cable interior with a good graphite grease - it's important to the system to have minimal friction in the operating cables/levers/pedal and links. Also a great time to repack the rear wheel bearings and renew the seals if needed. Don't forget to check the rear axle shaft end play (adjust separately at each side).
http://www.packardclub.org/forum/viewtopic.php?f=15&t=266 Another point worth looking at is the cable from the booster cylinder. In most years it's routed thru a pulley with a frequently ignored grease fitting. Should be pulley sieze the cable can fray and if (when) it breaks you loose your boost. In my case I had to replace both the pulley and the cable. Also remember to lubricate the tips of the shoes where the cam contacts and expands them - if the tips of the shoes wear enough it becomes very difficult to get a good brake adjustment.
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