TH350 or 700r4 will take some hp from the engine ?????
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what are you wanting to do with the car? I would go with a th350 way before a 700r4. I this is going to be a car you drive around town alot or even on the highways, look into a 4l60, 4l65, 4l80 tranny choices. 4l80 is going to eat up the most amount of power, but it is really strong and has o/d. You can also go through gear vendors for o/d in a th350. 4l60's are pretty weak stock, and cost alot to have them built right. Even when built, I have seen dozens of them bite the dust.
#4