It's what I am using in my 79TA. It's also what I had in my 96 formula since my drive train for the TA is my formula's drive train. It won't be a dog. You'll fry the hell out of those tires in 1st if your 383 makes torque like a 383 should.
http://www.tacreationsusa.com/manual_trans.htm <---- gear ratios by year