If the spare you have is any good, yes, it should be be an improvement. The only gear you will be using that was used by your old overdrive is the transfer case intermediate gear - which is probably OK.
Be aware, however that one of the things that does wear on the Fairey overdrive is the splines on the drive dog that is on the output shaft of the gearbox - even if it is still working with your existing one, the new one may be worn differntly and still fail to drive. This spline should be well lubricated on assembly.
The bits that wear on the overdrive are these splines - which means a new input shaft, the gear on the lay shaft, and the meshing gear on the secondary shaft, plus, of course the bearings and seals. Synchromesh parts may wear or be damaged, but unless run dry, this is fairly uncommon, as most drivers do not change the overdrive all that often compared to a normal gearbox (I seem to remember that the synchro parts are out of a Rover 2000).
John


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