I have a 1972 Chevelle Malibu Sport Coupe. In it I have the legendary "Three on the Tree." I have heard that only 273 out of 289,000 Chevelles were produced that year with the column manual 3spd. Is this true? How rare is it really?

I seriously doubt that so few 3-in-the-trees were sold on '72 Chevelles (Monte Carlos, yes). It does not make it worth more, but if you're not in a hurry they are convenient and certainly a vanishing breed. Througout the sixties the manual column shift went from being common to being something with about a 4% installation rate. If you like driving it then keep it. Just don't ever try to speed-shift it, as you'll find yourself under the hood trying to unjam it. These things are easy-does-it.

Last year I bought a 70 Malibu conv 307, 3sp, air and pwr. Have the build sheet, it was customer order. That's got to be super rare. I bought it because it was already a manual tranny car. Got a Muncie in it now and a plain collar on the column to get rid of the shifter knob. I love it.
Cam is right, don't ever speed shift from the tree! There WILL be a day when you will be severely embarrased!

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Check out this site, I have the MC1 option 3spd. http://www.car-nection.com/classic/rare/chevelle.htm#72

Ah, the MC1 is a different transmission. That tranny is the Dearborn top-loader 3-speed with floor shift. The only time they came with column shifts with that h.d. 3-speed was in the full-size GM cars. All production 3-spd. column-shift Chevelles from the factory were Saginaw. The Saginaw will last behind a 350, but only if you don't dump the clutch & nail it. BTW, if you find the build sheet for your car, the 3-in-the-tree is coded as an M12, but it may not be coded at all since it was considered standard default equipment.