I take it your t-case is full time right now.
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I can’t decide what would be better to do, get the part time conversion kit, or get manual hubs.
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Hubs only will do you no good here, since if your full time, you will have to keep your hubs in the locked position.
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I have heard that doing the part time conversion can shorten the life of you transfer case.
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If you just use the inexpensive part time kit, yeah, they don't last a lifetime, but they are ok. I would go with the shaft kit(about $300 IIRC), that kit is a very good kit.
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And if I do go with manual hubs what model number for Mile Maker should I get; 104, 302, or 402. Oh, I have a ’75 K5 with a NP203 transfer case.
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I know nothing about MileMarker stuff, me personally, i would only run Warn, but that is just me.