I'm doing the same thing for the same reasons plus it is a stronger transmission. The 1964 and later Ford 3.03 toploader is all syncro unit but is not a "no mod" drop in. I would say it is probably a minimal mod swap. I'm doing it in my 1956 pickup. Your buddy should look for the car type toploader not the pickup. They have different length and diameter input shafts. The tail shaft is longer on the car model as well. I have posted a link below to a forum on this site that discusses this type of swap for a car. Some of the Y bellhousings already have the same bolt pattern or a dual bolt pattern which will work with this trans. Also, talk to John Mummert. He has been involved in many swaps to toploader 4 speeds which is essentially the same. If your buddy is in Northern CA, I have car type 3.03 in good shape (just inspected by the local trans shop) I will let him have cheap.
http://www.y-blocksforever.com/forums/Topic35450-3-1.aspx