about your drive-shaft . .
You do 'already have a T 5 tranny' installed - - ?
For my car ( a 69 3rd gen) - Nova ; I installed a T 5 Borg Warner (93 GMC W/C , 5speed) ; I swapped from the stock p/g trans , to the T 5 . I have the stock 8.2
10 bolt rear , with the stock 3.08 gears.
For my swap - - I DID have too cut down my drive shaft to make it fit .
If you already have the T 5 installed .. . . . you may be ok ; just get your 'rear end' changed out and go from there.
With my "set-up" , I'm keeping the 3.08 rear gears - - I'm getting = 22 / 23 mpg , so far. And, I still drive my 250 L 6 engine , rather hard . . . . and , it's running good , running 70 mph @ 2000 rpm's . Plus, I use all 5 gears .
Keep us posted on your changes .
jim