The np-231 is the same basic box that came behind 1 ton jeeps, so its up to the task. Plus its a little lower in 4-lo than the Dana 20s and 300s (2.70 vs 2.04). And lighter. The drawbacks are its probably not as durable as the d-20/300 (chain drive vs gear drive) when you're really beating on it. And since its aluminum, it needs a good skid plate.
I went with this because of your sitch concerning the adapter. But when you figure the crossmember/driveline mods, its about a wash. In fact, you'll probably end up modding your driveshafts anyway. The 700r4 comes out longer than the 727.
So far I am happy. The GM tranny has a low 3.06 first to get you rolling and the od is how it should have come from the factory. First gear and lo range gives a considerably lower crawl ratio than the 727/d-20 combo.
The NP208 is similar and plentiful, but not as strong and has no neutral position between 4hi and 4lo.
You're looking at $600 for the ihc engine plate, and roughly another $300 each for driveline mods. A junker 231 should be no more than $250. You can refresh it with new bearings, seals and a chain for about $125. I also ditched the bogus slip yoke tailshaft on the 231 and replaced it with a shorty kit like the Jeep guys use. That was another couple hundred. So we're looking at something close to $2k before you even have a running engine. But, once you get all of this sorted out, you'll have a modern drive train (which can be repaired anywhere if needed) being pushed around by the heart and soul of American iron. These rigs were ahead of their time style wise, and they really stand out in a crowd. The proof is all the knuckleheads that ask me "what kind of Bronco is that???"
a little off the topic, but my $.02.