It will "bolt" to a 67 304, but it May not fit in your vehicle.
342 is probably a typo for 345...
The IH 5 speeds were put in (an order option) the full size pickup and travelalls. From what I have read, they will not fit in scouts without modification - the transmissions are taller, wider and longer.
The 5 speed bell housing is unique to the 5 speeds - a 5 speed will not bolt to a 4 speed bell housing.
You will need the 5 speed clutch linkage as it May be different from what you have.