I've run mine that way since 1958. I've got a 210 4d sed with a '62 283 in it.. running 10.25:1 CR - thanks to some pop up pistons. Since i polished the heads, i get by with reg pump gas. I have a 3 speed manual on it, with overdrive and a 3.50:1 rear (posi). I found that the rear mount (beneath the O/D) considerably reduced the forward and reverse movement of the floor shift stick i'd installed to provide more positive shifts than the stock column linkage. I used to drive it on fire roads a lot, and the 'pavement' isn't too smooth on those. With stock suspension (not raised) i managed to never hang it up - although i several times drove down a dry stream bed. The high point of my fireroad career was driving out a farm road past a farmer who was nearly done unloading a v large wagon with hay in it. He dropped his pitchfork and stared at me. I wondered why, until i noticed a sign facing away from me on the dirt track. Pulling up past it, i noted that it said: "Road impassable by motorized vehicles beyond this point". It was signed by the local highway dept. Since he had been there for an hour or more..he KNEW we hadn't gone in... Fortunately, he could not see my tags.. *G* We proceeded up the dirt track, past the farmhouse..to the public road..and AWAY!
While a student, i pulled a 4 x 8 foot bed utility trailer with it - hauling my dorm junk. Still got both the car and the trailer. And (conservatively driven) the car alone will still produce about 20 to 21 mpg. Good luck with your project.. they ARE fun..