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You really should find a 5 speed. I had a similar vintage ford with that tranny. It is essentially a 3 speed with a stump puller gear that I never used in normal driving. If you go to a higher rear end, starting off in 2nd might get tricky. The stump puller gear would still be too low for normal use. So, I think your best bet, by far, is to first toss a proper 5 speed in there. It ought to bolt right up. Then consider a higher rear end, if you think it still warrants it.
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