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Well I think it depends on your engine and rear axle combination. Higher gearing like 3.08 is probably better suited to a 3 speed trans, but get in the neigborhood of 3.73 and 4.10 upwards than definitely a 4 speed. I just recently bought a 74 C 20 that was advertised on here. It originally had a 4 speed manual, and of course that being unacceptable to me, I figured hmm I have a 700 I had rebuilt about 6 years ago sitting in my basement. So after a quick change from a 4x4 unit to a 2 wheel drive, it's sitting behind a mildly built 350. It has 4.10 axle gearing and gets in the neighborhood of 20 MPG, however driving in direct it gets about 15. So in my instance it will pay for it self quite fast, and if you have a good 700 core that needs nothing but a overhaul kit and no major parts, they are not that expensive to fix and will outlast a 350 2 to 1.
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