The 205 gets exciting when you want to bolt it to transmissions like the NV4500 in my 76. Exciting = $$$.
Gears sound nice but the downside is they're popular which translates to expensive, a lot of unnecessary rotating mass sucking up HP, and the cast iron case is dead weight too.
The New Process/Venture 203, 205, 208, 233, 241, 261, & 271 commonly burn up bearings because they are run low on lube. The same goes for the Borg Warner 13xx & 14xx cases. Leaks not being tended to from bad seals or bashing them on big heavy things are the leading reason they are low on fluid. The slagged 208 that came in my F250 plow truck leaked through a sizeable crack from bashing against something... If it hadn't had a cracked case the bearing races had spun in the case too so the case was shot. I installed a well used but solid 208, a home brew torque brace, and a bash plate before she got license plates. I then proceeded to beat the crap out of it plowing for four years.
Everything but the 205 & 203 commonly crack cases when they are run with no torque brace... Personally I've added a torque brace to all four of my 4x4 trucks... One 67 Dodge, Two Fords 72 & RIP86, and Two Chevys 76 & 86. Cheap low tech insurance.
If you'll be running larger than 33" tires get another 203 or a 205 and add a torque brace. Otherwise get what's cheap, working OK, and easy to find. Install a torque brace when you put it in.