Hog,
I currently have two Chevy trucks equipped with the 700R4 tranny. They have both been reworked by a tranny shop and they work perfectly. A 700R4 can be beefed up to take even a big-block, but it needs to be built by a pro. I fabbed up a floor-shift for my '59 Apache and it works fine, but you can also get a Lokar floor shifter. It's the only way to go while using 3.90 or 4.11 rear axles. The low gear, as I recall, is 3.05 to 1 and the O/D is 30% reduction. Do the math.