It definitely has 3.23's, I just jacked it up and counted the turns. It does look like the original rear with no signs of the rear cover ever being off and none of the nuts/bolts look like they were ever removed other than the torque arm. I know it looks like the trans was removed at some point in time so that could be why the torque arm was removed.
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69 Z28 JL8 4 wheel disc brakes - being restored
09 Silverado Z71
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