Even if the parking pawl/ratchet was fubared ,it can be replaced with the trans in the truck..if the tailshaft "dogs" got damaged the output shaft will need to be replaced,that means yanking the tranny out and completely gutting it..
I have seen a few trucks around here that the owners used a 2wd or car TH350 with a 6" tail,with an aluminum spacer between the transfer case and tranny case,to replace a 700R4 tranny--that allows the TH350 to bolt up and end up the same overall length..
I've seen one truck used on a farm a guy got for free with a junk TH350 ,he had an Impala with a short tail TH350 ,when he discovered it wouldn't work in his 4x4 due to the longer tailshaft,he made his own "adapter" out of two flat steel plates welded to a peice of pipe to join the TH350 tothe transfer case,and had to move the crossmember back some and redrill the frame,lengthen the shifter rods and shorten the rear driveshaft and lengthen the front one..was a fair amount of work,but now he can use a 2wd or car TH350 which is a lot more plentiful and cheaper..why GM had to make a specific "4x4 only" TH350 I dont know,I think if they used the same trannies in all their vehicles it would have been a lot easier!-- and cheaper for them as well..