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Matt, It depends on your definition of "is it worth it?" If you mean--will the limited slip be worth the effort to accomplish your desire for better snow traction? -- the answer to that is -- yes it will accomplish the task--only you can answer the second part--is it worth the effort to YOU.
The other part to the equation is -- which ratio to use. Going from the 3.31 to the 4.10 is a big step. Your car will definitely have a lot more zip in the lower gears -- with the cost of flexibility in traffic with the shorter speed range of each gear (approx. 25 percent difference in rpm/speed with my "off the top of my head" math) and the higher rpm at cruising speed. An advantage may be the simplified installation of the 4.10 guts into the 240 carrier.
If you keep the 3.31 gears and add the limited slip to it you'll have the advantage of the LS but not gain any performance.
Here's my more complicated suggestion (but may work better) -- find another rear--one from an auto (AW70/71) 240 (I believe the 4.10 must have come from a 16v car) that will have 3.73 gears - big enough difference to be easily felt without going to near drag racing 4.10. Add the LS to the 3.73 rear and bolt it into your 240. Now take your 3.31 and sell it to someone looking for maximum MPG -- or to someone building a V8 conversion.
Whichever way you go--remember--the open diff and LS are bolted to the ring gear with LEFT HAND THREAD BOLTS (replace them with NEW -- available at any speed shop). -- Dave
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