I didnt say anything bad about the 700r4, but the one he has is not the typical 700r4. He has the light duty unit with the 60° V6 bell housing for which he will need to atleast get a 90°/V8 version or use a different trans (i.e. turbo 350,400 or 2004r)
You do give up some et with the ridiculously low 3.06 1st gear as opposed to the 2.74 of the 2004r. Even better would be the 2.48 1st gear in the turbo 400.