I know at least three people that went with the 700R4 in their Chevys. They all complained that the gearing really drops the rpms during the 1 -2 shift.
And if you're running an engine with a lot of low speed torque and anything above 3.55 rearend, the first gear is useless. Not only do you incinerate the tires, but if your redline is less than 6000 rpm, you're shifting into 2nd just out of the hole.
Either tranny is going to set you back alot just to make it last behind a 400 or 455.