My 400 was untouched from 1980 when I got it, never opened up at all, cept for the pan. Had factory clutches in it, and been through a mud truck. It was fine. I would go through it, as even the 400 has weak points. And perfect time to add a shift kit, maybe put extra clutch/plates in it like I did mine. And blah blah. I am a huge fan of the 205, especially over the 208. I like it mainly for my twin stick, and its ability to take a whooping and keep on truckin, and low low isnt a huge deal in a mudbog, and I make up for it anyways with my 454.
Some 205s come with a slip yolk, like mine unfortunately did. Some are factory fixed yolk. I would prefer the fixed yolk for sure if you can find it.
So overall, I would go for the 400/205. Bullet proof, and your HP/TQ will more than make up for your lack of a low, unless your trying to run 44s on 3.73s or something. lol
And lastly lastly, the 400 requires no special tools to rebuild, except a 12 point 12mm socket IIRC, for something in the valve body. Its easy greasy to rebuild, my dad showed me how to do it without even using feeler gauges and just using an air gun. Now I can do mine in a lil over an hr after it hits the bench, not to bad. You could probably find a You-Tube video or something equivalent to show you step by step on how to do it.