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My $.02 is...The NV4500 is pretty much the best way to go from what I have heard. Cost is a big factor. What kind of towing do you do? How is the engine in your truck? What gas mileage do you get now? Your final drive will be 3.00 which may not work well with a worn out 350. I have a 3.21 gear in my 85 and I have not had a problem getting 7K lbs rolling but I have a 454. Lots of things to think about and return on investment is one I would think. You can do a rear end gear change to a 3.42 for probably 20% of the cost of a 5 speed. I am sure others will chime in. I guess it all depends on how deep your pockets are. Here is some good reading http://www.high-impact.net/nv4500.htm
If it would turn out to be just the crossmember, drive shaft mod and maybe bellhousing swap it might be doable reasonable $$, otherwise I will have to forget it.