The 203 and the full time frontend were not the best setup when they were new, now they're 35 years old. You can probably find a good NP205 for the price of a new chain for the 203.
I don't like the 4.5 bolt pattern with tires bigger than 31's myself. So if' you're going to a bigger bolt pattern anyway why not benefit from freewheeling hubs and a stronger T-case to boot. That's how I build my stuff anyway and this is how I use it.

Sheldon