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<font color="green"> The only 5 speed that would be worth putting in would be the NV4500, but it's not a drop-in, you have to mess with the t-case adaptor and probably driveshaft lengths as well. The NV4500 is a pricey tranny too. </font color>
I know at some point in mid 90's they had a five speed and it wasn't the NV4500, I think they used the NV3500 which is capable enough for a medium duty K5 except I think 1st isn't as low as in the NV4500 or the SM465 that you have.
NV4500 is best swap but at a cost of $2000-2500, for everything needed. Most used NV4500's go for about $1000 and up and new/rebuilts for about $1800-2000. Advance Adapters has best write-up in their manual. $10 for everything you need to know.