The motor I'm planning to run is a stock late 80's TBI 454. It probably does not make more than 300 horse. It would produce a fair amount of torque.
I have a '91 K2500 with a 350 and a 700r4 which I have used to pull my trailer. I'm not impressed by the performance but it has almost 190,000 miles on it, so I am impressed at the longevity.
The project truck will probably do most my trailer pulling once its done, but would rarely leave the yard, so its not like it will see a lot of use. I just can't see spending $3,000-$4,000 on the transmission when I won't have that much in the rest of the truck all together...