I recently installed the NV4500 Gen1 behind my carb 350 1st Gen with a stock '69 T-case, 4.11 axles. The low gearing is sweet and highway cruising is much more tolerable. It was a lot of work for me and a great experience in tinkering with the 40. I previously had the 350 behind the stock 3 speed and t case and this is a major improvement.
My process involved moving the motor mounts forward, using AA bellhousing and T case adapter, new clutch, fabricating a new trans mount, shortening drivelines, rebuilding the T case, adding the twin stick t case shift linkage from AA and modifying the trans tunnel to fit the linkage.
It was pretty spendy, I stopped counting. I have A LOT of photos I can post if you wish.
OVER ALL... DEFINITELY WORTH DOING!