If you go with the 4 speed option you may consider using a BW Super T-10 which is stock for your '76. It would be newer and less likely to have been sitting behind a high torque monster motor for most of it's life. Seems like there's debate on other sites about which one reigns supreme but a good guess would be they're both going to be OK for the majority of our engines.
But, if money were no object, I'd go with the 5 speed - sure would be nice to have that extra gear for cruising at 70 mph. Someday I may even go that route myself.
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1976 Silver/Firethorn. L48, 4spd. Original 2 bolt, vortec heads, 9.4:1 CR, Speed Pro Cam: 224/224@0.050, 112 LSA, Eagle Steel Crank.