Interesting that my stick shift K1500 specifies GM Synchromesh fluid for the 5 speed (New Venture) tranny, and Dexron III for the transfer case. That is, two quite different lubes (and very different specs)for Manual Transmission and Transfer Case.
I am actually running Mobil 1 ATF in the transfer case and Royal Purple Synchromax in the 5 speed. Yes, I am a believer in synthetics but I would not buy GM's (or any other car manufacturer's, for that matter) part numbered lubes at marked up prices anyway. Let GM sell cars; let the oil companies sell oil.