That is correct that the c4 and th350 are 3 speed trans without OD, however most adapters will also accept the AOD and 700r4 that are, mine will also bolt on the 700r4 with no other mods or a 5 speed with just a new flywheel.
The only real reason for me to go to the AT was at the wife's request. It was a small sacrifice to have her endorse the rest of the money pits in the garage

My truck has a 292 with 3:89 rear end and 27" tires and I am normally turning about 2800 rpm at 70 mph or so. It seems pretty unusual that your truck would be screaming at 40.
I would first figure out what rear gear ratio you have. You may have some stump pulling short gear that even adding an OD you may end up with it screaming at 55 instead.
If it is just the gears winding out too quick, taller tires are easy and can drop you a few hundred rpm. Next would be the rear gear.
The mods for an AT we're as I mentioned pretty simple, not much welding or fab work--but I did make the mistake of not really thinking through some future mods and ended up reworking some stuff later. But that is what makes it a hobby, what fun is finishing?
Mike Rizzo
1963 F100 "Rudy"
Daniel Island, SC