If it's full time four wheel drive, than it has a 203 tansfer case. Nothing wrong with the 203. Other than it is heavy and full time 4wheel. Not alot of people break these things. The chain can/will streach, I've never seen one break though. If it has been converted to part time four wheel drive (which sounds like it hasn't), some kits are better than others. The shifter is a little picky about the adjustments, but it's easy to twin stick it. The rear driveshaft will be a bolt on yoke, so no need to worry about a slip yoke.
I had a 203 in my 77 K20, the only reason I took it out was because the Th350 went. I swapped a Sm465/208 in it's place. I would not second guess buying a truck, or driving one with a 203 in it. I've even thought of putting together a tow rig with a 203 in it, but this would mainly be used to pull the snowmobiles in the winter.