I've heard of it,I understood it to be a longshaft 350 also.
I found this,intresting reading
Quote:
THM375B - This trans is identical to the THM350, but is considered a heavier duty transmission.
THM375 - This transmission is a derivative of the THM400 sharing the external appearance of the 400. It'll be marked 375-THM on the bottom of the tailshaft housing. It's a light duty version of the THM400, has ABSOLUTELY NO RELATION to the THM375B, and was found in 1972 to 1976 full-size cars. The Turbo 375 was modified to accept the Turbo 350 driveshaft yoke.
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http://www.nastyz28.com/transid.html