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It would be like having a 205, but with a chain driving the front output shaft.
Note that there are two different types of part time kits for the 203. The cheap ones just replace the spider gears in the internal carrier with some gears that jam the operation. Those don't hold up well under abuse. The good ones have a complete shaft kit to convert the t-case. They usually run around $300. But check out the For Sale ads over at www.austink5.com User "Glenn" has a few of the shaft type kits for sale pretty cheap.