Your question will be answered once you start pulling. My guess is that with that L05 small block 350, you are not going to have the horsepower to pull it in overdrive anyway. It's only rated at 210HP, and that was when it was new.
That transmission is just the venerable old TH400 with an overdrive scabbed on anyway. Those had hundreds of millions of miles running in 3rd gear, because there was no 4th. No worries about running in 3rd either way.
Only thing is I'm pretty sure it does not have a lockup torque converter so make sure your transmission cooler is in good shape. Take it easy and it should be just fine.
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