If you have a T-19, yes, it'll work...at least one person's done it already and was quite happy with the results
Unfortunately, it only works with the T-19 (unless someone swapped in something like an NP435 or an NV4500), since the other transmissions that were available from the factory with these engines have integrated bellhousings.
I still contend that, if Ranger would make a variant that could go between the transmission and the transfer case on a 4x4, they'd get quite a few more sales :-D