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I think I will end up doing that; looking around online has shown that for a few hundred bucks I could get some quality things for the 351M, and easily build it up into quite the beast. I do think I'd rather stick with the NV4500, I just looked at the GearVendors overdrive, and they don't even have one for the 77 tranny, but the one for the NV4500 is just shy of 3 grand... which is insane. Perhaps in the future, but not as a first option, I think.
If you want gas mileage buy a car.
That's why I drive a 4cyl Porsche, of course, but still. I don't want gas mileage comparable to my Dad's 350 in his 83 silverado. Seriosuly, 10 on the highway? Thats crazy bad. I'm not after 18 or 20, modern trucks barely manage that. 12-15 is the right number, I think.