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Instead of forking out $3000 for a gear vendors unit, why not get a cheap overdrive unit that can be activated/deactivated manually by a switch in the cab while traveling on the highway.
No need to fabricate anything, just go find an AOD from a 4.9 or 5.0 light truck and swap it in. The later versions have better internal components(are stronger) than the earlier versions, and I'd also suggest installing a shift kit in it to help it deal with the 5.8's torque. There are lots of people that will tell you the AOD is crap and it's not up to the task, but I have one that spent 10 years behind a pretty healthy 5.8 and it's still going strong.
The AOD is an all mechanical 4-speed overdrive transmission that was offered in 2wd and 4wd Ford light trucks and cars starting back in the '80's. It's a unique design with a cable connected between the engine throttlebody and the transmission that modulates internal line pressure.. something that must be connected and set correctly for proper trans operation. It will be trans code T on the drivers dool pillar decal on a truck. This transmission was not offered behind the 5.8 in trucks from the factory because Ford apparently wasn't capable of making it durable enough to withstand typical use... but it was offered behind the 5.8 in the Crown Vic. To use one with a 5.8 you simply need a 28oz AOD flexplate and the TV cable, your truck should already have the correct throttle bracket on it.
Yeah the AOD would be your best bet , if you want it real strong , get the wide ratio gear sets & input shaft out of a 4R70W & put them in the AOD , that will give you a better ratio & with a shift kit will take about anything you can throw at it , thats what the mustang guys do....Lew