So what does the second lever do then?
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1948 B-1-PW 4bt swap
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One engages the front axle and the other chooses between low range and direct.
The 205 has you doing all that with one lever. The 205 still has two shift rails, but it accomplishes it with linkage.Power Wagon Advertiser monthly magazine, editor & publisher.
Why is it that the inside of old truck cabs smell so good?
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For the 205 you should also have a larger aftermarket for upgrades and options as I think they're the more common t-case. You can get different low range gear sets and other extras.
The only other thing to consider is that you will have to re-design the emergency brake. The original is on the center output of the t-case. The 205 is not designed with one, so you will either need to fabricate something (which is what Paul in NY did on his) or if you're doing an axle swap make sure it has a built in e-brake.
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NP205 vs NP202
No contest - the 205 is the way to go . Having had the two apart the 205 seems to be better engineered , quite easy to find parts for . Also the ZF 6 speed is rumored to work quite well behind a 4bt .
A rolled F350 , 6spd gasser might be the smart way to go . Sell the motor and spare body parts to finance the 4bt purchase . Expect it to cost twice as much as you plan and take 3 times as long to get it on the road .
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