Why not just use a MkIII swing arm? This will mount easily with the MkII spindle. You can then use a MkIII rear wheel and disc. Be sure to use a MkIII speedo drive.
I put an entire MkIII cradle, swingarm and wheel in my '73 Interstate. It required slotting the upper transmission bolt hole for primary chain adjustment. This way I could use the better swingarm spindle retaining system and got the vernier isolastics as a bonus. A small master cylinder can be mounted above the fender on the frame and actuated by the cable from the left brake pedal. It's a pretty transparent swap. Most people look at the bike quite a while before they notice.
Would I do it again? Probably not. I had the pieces laying in the shop, including the speedo drive, axle, and wheel. If you have to buy all that, it can be pretty expensive. You don't gain much at the rear wheel as far as braking power. The front does most of the work anyway. You do get the strongest of the three versions of Commando swingarm. However, you still have a two-piece axle. Convenient for pulling the rear wheel, but weak when racing or adding horsepower.
Ron L