Bart, I hear and understand everything you say, and it makes sense. I have rebuilt 4 of these sm420s now and I have only seen one of the many cores I have looked at with bad pins, subsequently this one had been operated with a broken shift lever spring. So thinking this caused the pin to start to eat away. It has a beautiful top loader so right now I am on your item #2 and the roll pin is installed and I'm going to run it.

1953 Chevrolet 3100
261 cu inch, sm420, 3.55 rear, torque tube still,omaha orange, still 6 volt, RPO green glass, side carrier spare, all done
In the DITY Gallery
Video of the 261 running

1964 GMC 1000
305 Big Block V6, sm420, the next cab off restoration