I actually just did this swap about a year ago in my 86 K20, although i went from a th400 auto to an NV4500 5 speed, so it was a bit more involved. Its just like everyone above said, definitely not plug and play. I had to buy an adapter kit from Advance Adapters to bolt the t-case to the tranny, which wasn't cheap. Had to shorten the mainshaft in the tranny to fit the new tailhousing on. Had to have new driveshafts made. there was alot of extra work involved, BUT at the same time, I don't regret it. having the 5th gear when rolling down the expressway makes a huge difference in the RPMs, and it did bring the fuel mileage up, but not incredibley. and the tranny i got has a 1st gear granny gear, which was a nice addition.
So, in my oppinion, yea, its worth it... just be prepared to spend some time and money. keep an eye open for good deals, they are out there!
If you want anymore specifics, drop me a line, glad to help! Good Luck!