Tim,
There are a couple things you need to consider about opening up the drivetrain and gearing. You need to tailor you gear selection to the type of driving/cruising you personally will do. I'd suggest you use this calculator to crunch your potential transmissions final drive numbers, rear tire diameter, and ring and pinion ratio. I like this calculator:
http://csgnetwork.com/multirpmcalc.htmlLarry has pretty much pegged the 22-2500 rpm range as the most efficient rpm for cruising. That's where you want to do most of your cruising and give it plenty of thought. I set my R&P ratio/cruising speed/tranny final at 70 mph @2000 rpm's and discovered that my vacuum doesn't max out until I'm running almost 80 mph. In addition, my buddies cruise at 55-60 mph so I'm running at the bottom of the torque curve (1500-1600) when I'm putzing along with them. The engine will pull in 5th gear at that low rpm but it's very inefficient for fuel mileage. If you have your cruise speed@ 22-2500 rpm you'll still have 300 rpm to get you up into the 70 mph range which with a decent running stock 235 shouldn't create any issues.
Something else to consider with adding a differential is the width and getting rims that will fit properly into the rear wheel wells. I've used the Camaro 88 and 89 diffs (62" wide...mounting surface to mounting surface) in my 54 truck and have had to purchase aftermarket rims to get the correct "look" and lug pattern. No big problem if that's what you budgeted for.
As important as getting your gearing right you need to do your homework and leave the "opinions" to other folks. Figure out what cruising speed you'll want and match your gearing, both transmission and rear end to that end.
You might check out my webshots albums for some of the how-to's on changing to an open driveline. Hope this helps with your plan.
Dave