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Trans is NOT a PG but a Turbine 300. If you are going to leave it stock then just leave it alone. If going w/more power a T-350 or T-400 is a bolt in. Just have to move trans crossover back.
Might ask more at
http://www.forums.performanceyears.com
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...plus change the splined driveshaft yolk and universal if going w/ the 400..
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"Whats the difference???? 2 speed is a 2 speed no??"
If that's the Split-shift converter trans, they're kinda' cool and work Ok but as mentioned aren't for heavy HP.. I had one in a '67 Cutlass and although a 2-Spd they act like a 3-Spd w/ kickdown change into another gear arrived at by a shift-change of pitch in the converter vanes..
~ Pete