It will, you will need to install a 4wd output shaft in the 2wd trans and you are set. Adapter for the 300 will bolt onto the rear of the trans, after you unbolt the tailshaft housing.
Not hard to install, Total PITA.
That shaft is practically the first thing to go in to the case.
Price?... If I had another one I'd give it to you, that's what I did with the last two 4WD units I had.
If you've never done it Pick up the TH350 Book.
you could go the cheap route. Measure the shaft sticking out, find out the adapter length and how far it goes into transfer case then cut shaft to that length. I did this with my 2 wheel drive 4l80 and it works great.