if you're just going to use it to drive you could more than likely get away with a t5 trans; they just can't take much abuse. I just put one in my 4 x 4 behind a 283 and am going to see how it works. if it is to light for what I want , then I will put in an upgraded tremec unit. any o/d unit should go between the trans and transfer case as you always want both axles to be at the same ratio. there will always be some no brainer to get in it and have it in 4 w/d and have 1 axle in o/d and the other not and then you will find out which piece of your d/line that won't take the strain of opposing ratio's.
it does looks like a neat truck to fix up though.
ron