I had 2 SM465's ,one came factory in a '71 K5 I had--other one I swapped into my '72 K5 after I got tired of its TH350 taking 5+ minutes to go into forward gears --the colder it was,the longer the delay..once it went in gear I could drive it anywhere and it shifted great,no slipping..
But I always wanted a manual trans,and after my boss threatened to fire me more than once for being late ,I decided to buy a setup from a wrecked '72 K5 ,the flywheel,bellhousing,pedals & linkages,tranny & T-case and spent a week of 6 pm till midnights installing it all..it was a LOT more work than I had thought!..(the pedals sucked the most to install)..
The 465 was a bit of a dissapointment for me..I knew they were balky shifters,but with 3:08 gears my once peppy K5 had now become sluggish --it seemed to lack any balls till you got it over 40 in third...you could use third up to 70 mph for passing!..taking off in second was OK unless you were on a steep hill,then you needed to use granny low to get it moving...I hated the large gap between second and third..
Shortly after I installed the 465,I ended up having to replace not one,but two defective Borg Warner rebuilt clutches,the 12" 3 finger pressure plates both failed and wouldn't let the clutch release..(I ended up using an 11" Hayes diaphram clutch in the end--much less pedal effort and it grabbed just as good as a 12" would..)..
Then not long after the clutch was fixed,I started getting an annoying rattle in the drive train..it turned out to be the splines on the output shaft of the trans were worn badly,and it chowed the drive sleeve...(it was a 10 spline type 465 ,with a NP-205)..
I put in a new drive sleeve and I put Permatex bearing and stud mount "quick metal" on the splines,and it was silent for about 2 months,then the noise returned--it never failed though,despite some decent abuse..was annoying but not going to break easy either..
I sold the '72 after a few years with the 4 speed in it...I swore I'd never swap a manual in place of an automatic again...but if I had swapped in some lower gears in the diffs I probably would have been much happier with it..
A friend had his 465 start popping out of third gear when you let off the gas,and after awhile you couldn't hold it in third under a load like climbing a hill...the snap ring broke that held third gear on the main shaft,which was not an uncommon problem back in the 70's and 80's..
They were a decent transmission,but I wouldn't say they were completely free of issues by any means...the later 32 spline ones seemed to hold up better than the old 10 spline ones..