700R4 to transfer case

I understand the 700R4 can hook up to a Dana 18/20/300 (Gear) or 231 (Chain). So that throws out the 231 and 18. Leaves me a choice between the 20 and 300. Which is better?

I was thinking about the NP205, can this be hooked up via adapter plate to a 700R4? I See a few people got the NP208 and NP241 hooked up the the 700R4.