That must be an early pre 1973 style adapter?...my 72 K5 had that splined bearing type sleeve in the adapter..I swapped a NP205 and SM 465 into it instead of the TH350/NP 205 it had..someone welded the rear output shaft and yoke and the retaining nut into one solid mass when they stripped the nut out--it was a failure,the weld didn't stick to the yoke,and it wobbled for a year or so until the splines gave out..
I cant say for sure,but that bearing may be splined in its inside diameter,its hard to tell if that is a separate sleeve or not..
Maybe you could chop off a TH350 driveshaft slip yoke and use the splined part for a sleeve?..be better if it were supported by a bearing probably--but the old 10 spline SM465's didn't use a bearing..(and often had the coupler and tailshaft on the tranny wear the splines out bad,maybe that was why?)..