Gecko,
I was having the same problems plus not being able to up shift without grinding gears before waiting for RPMs to die down. I pulled apart my trany and here's what I found.
Clutch synchro's teeth were worn almost flat (should be triangle mountain topish)
3rd speed gear synchro's teeth are fine and I didn't think I'd have to replace it until I took it out of the 3rd/4th clutch hub and found that it's rim walls where just about completely worn out.
2nd speed synchro cone had somehow shorn off one of it's energizer lugs (beats me how) (not supplied in rebuild kits (

)
Both the worn teeth and shown energizer lug can easily be inspected visually, by rotating the shafts.
However the worn rim walls on the synchro couldn't be unless you are able to move the 3rd&4th clutch sleeve off of the 3rd/4th hub and spin the hub to view the ring through the clutch key slots.
I discovered this while in the process of trying to yank the main shaft out and things were loosening up.
If you don't have a breakdown diagram here's a link to a site with one.
http://members.cox.net/cglabe1/SM420/sm420.html Also if you have 3 tranys you may be able to parts two to get one up and running (you might identify each trany as there were 3 different versions of the SM420. But some parts may still be interchangeable)
You can also get a complete kit (except for 2nd speed synchro) from Novak for about $200
Hope this helps.
Jacob