doober - I have the nv4500 in my 96. The truck came from the factory with the dual mass flywheel, but when I went to replace the clutch, I replaced it with a solid flywheel unit. I could not justify the cost of a new dualmass flywheel.
The clutch that you will buy from the GM dealer is a luk clutch in a GM box. I bought mine directly from the dealer, which i normaly dont do, but the price was very reasonable i thought.
Anyways, I have been running the solid flywheel with no damper for about 25K miles now. I do alot of towing with the truck as well as highway miles and I have noticed no problems, or felt anything different with the clutch.
I cant say anything about long term effects of not having the damper, but for me so far, everything has worked fine. Hope this helps!
-Nick