Yeah, I just did that swap on my 292. You're probably in a little better shape than I was with my 4.57 ring and pinion. What have you got, a 3.73 or 3.90?
I can't think of any cons in your situation. You've got the small tranny hump with the 3 spd so it might require a little more fabrication/modification/ingenuity.
I posted a bunch of files with text and pictures on my Yayhoo! group:
Kustoms-and-Sleds Unfortunately, you can't view the files unless you become a group member. So, you could join to look at the files and then un-join if you don't want to remain a member.
-David