The SM420 isn't going to get you going any faster than your current tranny. The 4th gear in it is a granny or stump puller LOW gear. It's the type of tranny that's generally used as a 3-speed unless you need a lower gear to start a big load moving. Both it and your 46 3-speed have a 1:1 high gear ratio.
You are probably wanting an overdrive tranny - T5 or similar. Those will require you to go to an open driveline to the rear axle.


Kevin
1951 Chevy 3100 work truck
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1929 Ford pickup restored from the ground up. | 1929 Ford Special Coupe (First car)
Busting rust since the mid-60's
If you're smart enough to take it apart, you darn well better be smart enough to put it back together.