4 speeds OK,but not the ultimate..
I did exactly the same swap in a 72 K5 ago--removed the TH350/205,and bolted up the entire SM465/205 setup from the crank back from a donor K5...it was a PITA,but it went in ok and worked OK..for about a week!..
I made the mistake of using Borg-Warner rebuilt 3 finger 12" pressure plates..the first one had one finger snap off..I was idling at a stoplight behind a nice Corvette..in "second" gear with the clutch depressed..the truck suddenly leaped forward,like I'd popped the clutch..and I bumped the "Vette" pretty good,but no damage..the huge negro driving it nearly did ME some damage though..

--guy looked like a linebacker for the NFL!!..

gulp!..
I had to drive it for a week with the clutch "engaged" constanly..that sucked royally..had to start it up IN GEAR at traffic lights..in granny low!,and shift it like a semi without the clutch!..I had to drive it 70 miles to my parents house,and rent the U-haul tranny jack AGAIN to change it!..plus do it ALONE again..

..I seriously considered selling it instead..
The second pressure plate felt funny right from the start..it chattered and shook the truck upon takeoff..a few months go by,and its free play is gone,so I readjust the linkage..soon, I cant get it into first or second gear at all,unless I crash it into reverse first,and shift lightning fast!..time for pressure plate #3!...

..I was ready to put my TH350 back in at this point--I was tiring of the heavy pedal pressure of that 12" 3 finger pressure plate too..my left leg was twice as big as the right from all the city driving!..
I finally eneded up with a barely used like new 11" "Centerforce" clutch a friend had in his Nova that hit a telephone pole!..I wanted to go to the 12" Diaphram style pressure plate,but was out of money by this point..I never had a lick of trouble with the clutch again..and it got a good beating most of the time..but I did strip out the "coupler" between the tranny and T-case twice too..the output shaft on the tranny had severely worn splines..(older 10 spline style)..

..live and learn!..
I loved the granny low in the SM 465,(would have loved it more if it was synchromesh like the other 3 speeds!)--but I like automatics just as much now..easier to drive,and they don't fail THAT easy..you usually get at least SOME warning before one croaks completely..I plow with all my 4x4's,and find the automatics are much easier to use,and on the drivetrain too..
I think GM still has a bit of work to do as far as good 4x4 trannies,manual OR aoutomatics..I know the newer Alisons,"4L60" and "4l80" or whatever ,and NV5400 or whatever they call them are pretty decent..but still have issues..
The SM465 and TH400 were the beefiest "old" trannies there were..but no overdrive,or "granny low" were drawbacks..the 700R4 is a joke in stock form,but has the right idea,with a low first gear and overdrive..the newer ones are a bitch to install in old rigs,thanks to the computer controlled shifting..they should just make a tranny like a Doug-Nash 6 speed manual that will retrofit to ALL the trucks,and make the Alison adaptable and "non-computer"as well..it would save us a lot of work!..
