IMHO it depends on which 242 case you have. If you have a late model 242 then I would use the Tom Woods kit. If you have an early model a hack and tap would work.
The Tom Woods SYE is a re-machined 242 output shaft. The late model 242s (96+) have a longer output shaft than the early model 242s. If you are running an early 242 then the H&T is a good option.
I installed the Tom Woods (TW) kit in my 1999 242 case. In my opinion, the TW kit is the only way to go for the late model 242 case. The output shaft is shorter after TW modifies it.
FYI, the Tom Woods machined shaft is a stock shaft that is machined but it is not fair to call it a hack and tap IMHO. The TW shaft is shorter than a do it yourself hack and tap. He machines the splines further up the shaft than the shaft originally came with. That gives you a shorter output shaft which gives you a better angle to the rear end. In addition, the output bearing is closer to the output yoke for better support.
See the attached PIC for comparison
The install is not that difficult. I did it in my garage by myself and left the T case in place. The lift was on and I had plenty of room. Instructions are good but a good set of external snap ring pliers with the flat tips are a MUST. I was slow and did it in 3-4 hours. The most difficult part was installing the back case half holding the case, pump and pump suction tube in place without getting sealant all over myself. Good sealant is highly recommended. I used some stuff I got at Napa and no leaks. It is called the "Right Stuff".
Then when you are done you will have a yoke output instead of a flange output with the H&T.
The TW kits is more expensive because it is more parts and machine work. It also includes a TW CV drive shaft. There was a $400 core charge on my original 242 output shaft. Once he checks your output shaft and it is not bent you will get a credit of $400 back from TW.
I was not aware that TW offers an HD option for the 242 case. If so, I would consider that option.