I have a similar setup - 1975 FJ40, 283 SBC, 4 speed transmission, with a 4-speed transferase, and 4.11 differentials. Transferase style is a non-issue for street friendliness as you won't be using it on the street (unless you want to buy a new one). The 4-speed transmission has the huge advantage of having a synchronized first gear - which the 3 speed does not. That alone, makes it a better transmission in my opinion. Not sure which trans your 74 has in it - I know they switched from 3 to 4 speed right around then.
I will say that while the gearing is low in these trucks, the additional horsepower and high rev limit of the SBC certainly helps with highway driving and accelerating out of red lights. I would never take a 90-inch wheelbase over about 65 or 70 mph so top speed is sort of irrelevant to me, but the SBC gets you there faster than the stock F engine.
As others have mentioned - the best upgrade to making my truck "road friendly" was a disc brake conversion. However, properly adjusted drum brakes really aren't as bad as people make them out to be! It's just a lot of work keeping them adjusted...
Power steering is a nice upgrade, particularly in parking lots.