I installed the milemarker part time shaft kit in my '75 pickup 203. It is a very simple install at least as far as things such as that go. The MM shaft replaces the differential and rear output shaft. The major concern is setting the proper end play; I did this while I was rebuilding the tc when it was on the bench and it was pretty straight forward with a dial indicator. I researched the differential locks kit offered by many other companies and decided that I didn't want the extra "play" in the rear output. The shaft kit disengages the front output shaft until you select 4WD and allows you to not spin the front half of the drivetrain. MM offers a kit that includes their locking hubs or just the shaft kit. The conversion makes a great difference in the way the truck handles (steering), and 2WD low is really awesome. I did this conversion 3 years ago and have yet to notice any problems, in fact I have a 75 Blazer that is full time unconverted and that has more driveline problems. I can't compare the fuel mileage since the two trucks have major differences (tires, powerplants, gear ratios, etc). The full time blazer actually does better, handles better when not "locked". The reason I haven't converted the blazer it allows me to be lazy and not hafta lock in the hubs. Milemarker has on their staff a very knowledgeable 203 tech that is very helpful.
Milemarker shaft kit pn: 95-22203 (with 1/2 ton hubs), 95-92203 (without hubs).
Good Luck.