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will the 4 speed tranny that is in the truck now bolt up to the 350?
It will with the right bellhousing.

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-will the 4-speed explode behind the 350
Maybe

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(will have 200 hp when i put it in, but will change the heads/cam to get it to 300-350 hp)
change the above maybe to probably

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-if i use the th350, will the original driveshaft work?
No, you'll need one custom built.

Side note: If you want a race truck why are you starting with a 1-ton?

Question: Do you know that your rear end ratio is lower than 5 to 1?

"It's just a phase. He'll grow out of it." Mama, 1964

1956 Chevy 1/2-ton 3100
1953 Chevy 6100 "The Yard dog"
1954 GMC Suburban Now with a new proud owner.