First of all I want to thank everyone for the help/advice on this choice,I have been think and looking for parts and have come to a decision.
My plan is to do a 203/205 and for now keep the M5ODR2,I have found a Ford divorced np203 for a reasonable price and I got lucky in that
my divorced 205 has the whole face around the input bearing surfaced so that I can bore the case for the larger bearing that fits the married
31 spline input gear drill and tap the 4 bolt circle for the married retainer and the 6 bolt circle for the married mounting flange.
That wont be too big of a job as it can all be done in one setup on the mill the hardest part is fitting the case on my mill it is almost too big
and took some creative thinking to make it fit. This is probably not the coolest/sexiest way to go but it will give me the low range that I need
and keep the T-case in the factory position plus I can do the whole project right at $1,500.00 including rebuilding the 205 and the range box
from the 203. The only 2 drawbacks I foresee are that the intermediate drive shaft will be a bit shorter then I would like I think around 6" or 7"
and the fact that I am still not 100% sure that the M5ODR2 is up to the task, but if it is not I still have the option of a ZF5 down the line
I hope the M5 holds up because as I mentioned before it's gear spacing is ideal and the ZF's is not.
I will not be doing this project until this winter when I do I will post a build thread here.