The 4L60, it's predecessor the 700R4 and the later 4l60e were all used both in 4cly, V6, and V8 applications. The only difference being the fullsize truck and V8 applications have an extra clutch disk in the 3-4 clutch. Your "mud truck" probably won't be using o/d too often so that shouldn't be an issue. All "hard" parts in the trans are identical between v6/v8 applications. It will survive fine behind your 305 or even a mild 350 if you aren't beating on it, but the 4l60/700r4/4l60e never had a reputation as a bullet proof trans behind any engine if you beat on it. Run it till it goes, then rebuild it stronger. There are a few things you can do to get a little more holding power out of it such as a Corvette servo, that will give firmer quicker shifts (less clutch slip at shift) and more apply pressure. It's something you can do in a driveway in 30 minutes and makes a noticeable difference. A shift kit helps as well without completely tearing into the transmission, also add a bigger transmission cooler to keep things cool.