I think it will be too long. It would take a real steep shaft angle with a lot of travel to think of pulling it off. I am sure you could get a shaft to work, and if it was just a play toy it would probably be OK. But that shaft running at that angle will not be happy with long highway cruising, will need a lot of grease pumped through it and will probably need to be rebuilt on a frequent basis.
I also worry about hanging that much cast iron that far out. the stock 4R70W adaptor housing that you will be using is aluminum and designed for huch lighter transfer cases with a lot less leverage. The only way I see that adaptor having a chance of living is if you didn't use the mounting pad and put the transfer case mount further back, at least under the 203 doubler and probably under the 203/205 adaptor would be best. That should reduce the stresses of all that heavy transfer case to levels that the factory transfer case adaptor could cope with.
Just because you have the 205 doesn't mean you have to use it. You can always get some money out of it by selling it. They are not that great, mostly just cheap and strong.