I havent had a SM465 4-speed since 1990 when I sold my 72 K5--it was a TH350 when I got it--for 3 years I had to wait every morning until the motor warmed up before it would go into any forward gears--once it went in you could drive it 500 miles without a problem--until you shut if off overnight,then the same thing--never did figure it out,so before I got fired from my job for being late all the time I bought the standard tranny,bellhousing,flywheel and clutch,transfer case out of a wrecked blazer--only trouble I had after that was the rebuilt 12 inch clutch I put in was a borg warner POS,the pressure plate died twice in 1 month--then the splines on the tranny shaft were worn,so it slowly ate the coupler between the tranny and transfer--pulled the case out and replaced that coupler twice--the last time I packed it full of J-B Weld!It made a very annoying rattle till I did that--sold it shortly thereafter.I like the standard for its granny low,and for off roading you cant beat the engine braking--but since 95% of my driving is on the street,I prefer the automatic--plowing with a standard sucks,your left leg is twice as big as the right after a big storm,and you eat clutches big time,I like the automatics for plowing better--the TH350 isnt that great of a tranny for heavy duty use,though I have one in my 74 K20 that had a 454 hooked to it for 5 years,now its a 400 small block--still working ok,but its getting slower shifting into reverse lately--sign of impending doom?. GM should have offered only the TH400 as the only automatic in 4x4's in my opinion. :crazy
I'd say manual for wheeling or towing,automatic for normal street use.