I put the MTL in the 83 about 6 or 7 yrs ago. Immediate impression was that shifting was slicker with less effort to engage gears. Of course, that's entirely subjective. The main reason for the trial with MTL was that the OD was giving engagement problems, and this was greatly improved. Seven years later and the same load of MTL is in there, and the OD is still OK. I know the OD stuff doesn't apply to your M47, but if nothing else I would use MTL or Redline's D4 ATF for their superior gear wear ratings, as the M47 seems to have a reputation for being a bit fragile.
--
Bob (son's 81-244GL B21F/M46, dtr's 83-244DL B23F/M46, 94-944 B230FD; grocery-getter Dodge minivan, hobbycar 77 MGB, and a few old motorcycles)

Hearing/Reading About How great Redline MTL was I switched over to it about a year ago. I honestly can not tell any difference whatsoever. Regular good old ATF fluid type F/FA is about a 1/4 of the price of Redline MTL and much easier to find. So therefore I would say go with regular type F/FA ATF.

I put the redline MTL in my 242turbo when it had 280K miles.
I was starting to get a bit of a 3rd gear grind on downshift sometimes.
It fixed that problem. I found the redline MTL gives a bit more resistance
to going in gear than ATF. If your transmission is in good shape I would use
the ATF. If it's long in tooth try the Redline MTL, it just might help.
Gary

I vote MTL. It's what I'm going to put in my M46. Either would work.

ATF F is the factory specified fluid. Redline MTL is a high performance synthetic fluid that many people use. I put it in my M47 and have been happy with the "shift feel".