The SM420 is a good HD trans and would be great for hauling loads but is no improvement for normal driving.
If you are looking for better highway speeds, install an overdrive. The SM319 is a factory overdrive, it is a bolt in and no driveshaft or any other mods are needed. There are electrical components and a cable but that's it.
Fred


1956 3100 Pickup/Red/350/3sp OD/PS/Disc Brakes
1957 Bel Air Sport Coupe/Red/355/TH350/PS/Disc Brakes
2017 Silverado LT Single Cab SB/Black/5.3/6 Speed Trans
1947 Willys CJ2A w/F-Head engine