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Howdy howdy.
Not sure about the M47 transmissions (but I'm sure I'd prefer its 5th gear over the perpetually broken M46's overdrive).
The red block engines are the the B230 and B23 family and are not interference. They're so named for their red-painted blocks. I think it includes more engines like the B21 but I'm not exactly sure. I think the FAQ can shed more light on them.
All the 8-valve B230/B23's are not interference. The DOHC 16-valve B234 is an interference engine.
People have advised spraying the locknuts for clutch adjustment with penetrating oil (WD-40 is my tool of choice, others like PB-blaster) well in advance of work. I think there are instructions on it in the FAQ. If not I think I can piece together instructions for you, or you can search my threads for one titled something like "synchros shredded?".
I'm not sure if you're driving the car, but a transmission fluid flush is highly recommended, and I remember people mentioning overfilling (1/2 qt.) the M47 to get proper lubrication to its 5th gear.
Happy Bricking!
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