I don't know why you keep saying the 420 cannot handle the power.
I've seen 420's used behind high horsepower V8's and they've worked fine. I've seen them in medium to heavy duty farm equipment pulling 40 tons of potatoes for over 40 years with nothing but oil changes behind the old 5.0 V6 or even 454 V8's.
Dual mass flywheels? Really?
Man I guess we've been lucky all these years on the farms and other places I've seen them used.
If the 465 more modern? Yes, doesn't mean the 420 is crap. I still run the Rockwell T-221 T-case in my K-5. Is a NP205 better? Yes, but the Rockwell does everything I ask of it so it's not worth upgrading because a guy on a forum says so. If he has a 420 and all the shafts to make it work, run it until it quits. Then upgrade.
That's my opinion, for what it's worth.
05 2500HD CC LB LLY, 4x4, 3.73s 235/85R16's, webasto cab heater, to keep it warm.
03 Buick Rendezvous - When you average over 80 miles per day driving around, you need one of these.
85 K-5, 6.2, SM465, Rockwell T221, 1 tons, 36's. More goodies to be installed as time and money allows.
82 K20, 6.2, SM465, NP208, stock except for bed rack, snow plow, and glow plugs are on a toggle switch. It works great for plowing!
72 Postal Jeep - Yet another project