Just a thought......you also need to consider where you're going to be doing most of your driving and at what speed. The stock 235 makes it's most efficient torque at between 2000-2300 rpm which leaves you and additional 300-400 rpms useable for those spurts when you want to increase your ground speed.
Correct me if I'm wrong but the 700R's I've seen have a .63 OD. If you use this OD ratio and say, a 29" diameter tire and a 3.90 R&P ratio you'd only be turning up 1708 rpms.....a good deal on the short side of optimum engine rpms at 60 mph. You'd have to be running 75 mph to get your rpms up to 2245 where you'd be running more efficiently. You need to use the bottom calculator and crunch your numbers based on your own tire diameter, R&P ratio, normal cruise speed you desire, and your transmission top gear ratio.
http://csgnetwork.com/multirpmcalc.htmlI set up my 54 truck with a built 235, .72 OD T5, 28" tall rear tire and a 3.42 R&P to cruise at 70 mph@2000 rpms and my vacuum (efficiency)doesn't come up until I'm nearly running 80 mph. I would have been much better off (closer)with a 4.10 R@P and a cruise speed of 65mph. If your average cruise speed is 55-60 mph you'd be lugging your engine down and your transmission would be downshifting....... alot!!!!
The key to having an efficient and fun vehicle to drive is to have all the variables matched up. Try crunching your numbers for a 350 transmission with a 1:1 top gear and I'll bet you'll be into the optimum torque curve at 60 mph@2100 rpms.
If by chance I'm incorrect about the 700R OD ratio and it happened to be .72, then a combination of 29"tall rear tire, with a 4.10 R&P would have you cruising at 60 mph @2100 rpms. Not great but better than the .63.
Something I've noticed is that there are a lot of 3.08 and 3.42 diffs (62" widths) on the mid to late 80's Camaros if you wanted to go with a 350 transmission. The key is to plan out your own particular needs and go from there. Hope this helps.
Dave