Well since you're going 2wd...
I would consider the 3 speeds then. It's not like they're factory built junk or anything, just not AS strong and not geared as low. I would also definitely consider the 3.03 OD tranny too, just because it's geared really nicely for street use and they're actually really strong. I had one in my '80 F100 stepside that had gone for who knows how long with no oil in it, and it survived another 60k after filling it. It's probably still out there but I lost track of the truck after selling it.
The cheapest way to go is to stick with junkyard stuff... My plan for my '86 is a carbed 302, NP435 and 205 transfer case. My buddy has a good running 302 for $150, and I got two NP435s and a 205 for free, so I just have to get a bunch of misc shit in order and swap away for cheap.