Smart move selling the M22 and running an M20 with your 3.23 gearset. I've run an M20 with a 3.23 in a '65, and it's the perfect all-around gearing for a street driven car that also sees long road trips. Good power, good MPG, win-win all around. That said, the HD Dearborn 3 speed is a stronger gearbox. Me, I'd go M-20 if I had your car. As you said, with the left over M22 coin, you can get further along with your project. Keep us posted!
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Jeff 
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