With a factory 326 you could run a T5 without a problem. What gears are in the car now?
I agree with quick68! Unless you plan on abusing your tranny the t-5 will serve you well. They are available cheap and easy to install without much expense. I've had one in my '69 behind a stock 350 for years now with no problems. What rear gear you choose will depend on what your 5th gear ratio is. Mine is .63 with a 3.08 rear and I'm very satisfied with it.