If the case is good it's worth buying. You can have a tranny shop break it down and change the output shafts.
How much do you think that is going to cost? I'm willing to bet it would be cheaper to buy a good used 4x4 350. I could do the swap myself but highly doubt I would for myself but for enough $$$ I would do it for someone else. Besides a little known fact the case of a 4x4 tranny is stronger than a 2wd, well actually I think it is just the bellhousing area has more material but none the less stronger.
I'm no tranny expert but I just watched my friend swap the output shaft on my turbo 350 and it took about an hour. He didn't even have to drop the pan.
As far as buying a used trans I believe GM stopped using the Turbo 350 around 1982. I myself would not buy a 27 year old trans and just bolt it in. I would have a qualified tranny tech go through it first.
As far as the 4x4 case being stronger I thought (and I might be wrong) that they just had a thicker flange where the flex plate dust shield bolt's on. There are aftermarket braces that have solved this problem.
Although I would by no means consider a turbo 350 trans "rare" it's been a while since I have seen one in a junkyard. I see them for sale used on craigslist often in the $200-$400 range with who knows how many miles on them.
My thinking was that for $10 it would be a wise purchase. If It didn't need any hard parts I would guess you could find a tranny tech to rebuild it for around $500 cash.