Hy 66fairlane, if it were mine I would go for a 700R4 and leave the rear axle alone. While it is true that there are parts out there to bolt a Powerglide up to a 235, I agree with Hotrod Lincoln, that if you're going to convert to an automatic anyway then why not go to an overdrive right away, and make your truck more enjoyable, and cheaper to operate. It is your truck, and as I said the parts to convert to a Powerglide are available, I'm not sure what support is needed at the back of the engine (if any) or if the support at the rear of the transmission is what's used in that year. Good luck whatever you decide to do, and please keep us informed of your progress.