I think that your estimated horsepower is very optimistic given the information you provided.
A 224/234 duration cam generally has a power range of 3000-6000 rpms and will probably be leveling off with the peak power closer to 5000, not at the redline. Depending on the rest of the components you potentially would have close to 400 at the crank.
Locking hubs mean just that, you can unlock the hubs. It has nothing to do with the style of transfer case, short of the 203. There are 3 transfercases offered by GM during 1973-1987: NP203, NP205 and NP208.
NP203 is a cast iron fulltime case with aluminum caps, chain drive
NP205 is a cast iron part-time case, gear driven (it has a three bolt cover over the idler shaft)
NP208 is a part-time case, chain driven
The NP205 is by far the strongest.
10bolt front/12bolt rear verifies the truck in the 1977-up range (73-76's were Dana 44's) It also makes it a 1/2 Ton truck. If everything is from 1982, you have the aluminum NP208 transfercase, which is know as the weakest, You can beat on it for a little while, but.....