Your 92 should have an NV3500. As mentioned by redheartbeat, they arn't exactly the toughest transmissions around. They'll barely stand up to a bone stock TBI 350, forget a Gen III.
If you want to keep the standard, you should find an actual NV4500, which are found in 3/4 ton and 1 ton trucks 92ish through 99. From 92ish - 94 they had a granny first gear similar to the old SM465s so you rarely if ever use 1st, and always start in 2nd. In 95 they switched over to a true 5 speed, where you start off in 1st, and have a slightly taller geared transmission.
I understand a guy needs a special spacer to bolt an LS1 flexplate on, but that the LS1 flexplate can be used with the stock clutch for the 10 spline input on the NV4500. I'm not entirely sure what is associated with getting a pilot bearing in, prehaps its in the spacer. Otherwise the bellhousing should bolt straight up, and you should be able to use your stock hydro clutch lines with the NV4500.
When you buy the NV4500, get it's transfercase too, if it is the same as your current one, they will be different spline counts.
- Russ
1996 GMC Sierra K1500 - 4.3L NV3500 / NP241 - DD
1980 GMC Sierra Classic K25 - 5.3L NV4500 / NP241 - Project Truck