I have done the doubler set-up: SM465, NP203/Np205, and yes, it is expensive, but it is worth it, in my opinion. I wouldn't suggest scrimping in this area though, it's just time consuming and hard work to go cheap here. There are several manufacturers of doubler kits, and honestly, by the time you get all of the 'extras' here and there, I don't think any one of them winds up being significantly cheaper. I used a NWF kit in my truck, basically it was alright quality wise, but most of the stuff I had bought previously was from ORD (great stuff). I do like the adjustability of clocking the NWF kit, and I have used that feature. As far as I'm concerned, the only way to do this cheaply is if you have a machinist, or are one yourself.
The Lo Max is another great option, and I considered it too. I guess I just felt the doubler gave me more gearing options, front and rear axle control, and simply looks kewl with four shifters in the cab!