I'm starting to lean towards believing the 241 is a better option, as long as you install a slip yoke eliminator. Last I read the 241 is rated for more input than a 205, the low range is better, it weighs less, and the t-case shifting is the same from 1981-1991 on the 1/2 ton trucks, so no figuring out a different shifter/boot.
Slip yoke is the only downside to the 241 as far as I can tell, and while not particularly cheap, the rarity of the round pattern 465/205 combo can sometimes make assembling that combo problematic. Not to mention the shifters are different '85+, since the adapter changed, although not sure how hard that is to work around.
Of course, the speedometer cable version 241 we can use is only one year, but the '89's are still out there.