PG or TH700 both work fine and IMO it depends largly on what rear end ratio your going to have in the vehicle. Too high a ratio in OD with the 700R4 may not be best suited to the 230 engine. Use whatever will keep it in the torque curve for the MPH your after. If your rearend is say 3.73 for example it would be like a 2:75 in OD.
What is this vehicle anyway?