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Hi Skidroadie,
you might experience some severe problems, since the 740´s only had the M46 (that is the M45 four speed with electric overdrive) or the M47-II gearbox (that is the enhanced M45 with an extra axle for the 5th gear).
So you´ll miss some length to reach the propelleraxle I guess.
What you need is a M46 or M47-II gearbox. These are the most common in Scandinavia, but probably not in the US.
You should also note, that a M47-I from a 200-series car can not be swopt into a 700-series car, since the gearbox from the 200-car has a mechanical speedometer-drive outlet, and a different propellershaft-flange, which is slightly longer. (I´ve tried that myself - old gearbox out - "new" gearbox from 240 in - "ooops, dont fit" - old gearbox in again - driving home in very bad mood...).
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