also see treeroots comments about regretting the sm465. They are a verey clunky hard to shift transmission with awkward gearing. Basically a 3 speed with a granny low before it that is not usable on the street. Ridgerunner pulled his in favor of a 4 speed lc transmission that he likes much better (with a ranger overdrive). My $.02 on it..
Well, if I did install such a combo, it would be in a sunny day/trail rig for my girlfriend.
And she pretty much only uses 3 gears out of her current truck's 5 speed anyway...
The big thing would be cost, whichever was cheaper. I'm looking for a project '74 or earlier (for emissions purposes...they're really anal here...My only engine options are 2F, 3FE (using all stock smog parts including gas tank), or diesel), and it'd already have the 3 speed. So the SM465 would only need the adapter and a few other parts to fit, while a 4 speed would require a whole lot more.