I'm not real familiar or have associated much with the 700R4. Every one that I've come across during dismantling got tossed or rid of, quick. So I'm not sure what to tell you as far as identification. Maybe a tag somewhere with the date info? Not sure.
Another thing to think about depending on what you use the truck for is to swap the 700 for a 350 tranny. If you do a lot of highway driving and need the OD capabilities, then just forget the 350 swap. But if you do harder stuff, it may be easier just to find the 350/205 combo and swap them in.
Otherwise you may check into getting the 700 rebuilt by a reputable shop and leave the 208 alone. This combo can be very effective as long as you don't get carried away with hardcore activities. If you plan to just drive the truck and mosey on along, I'd just leave stuff alone and get the tranny rebuilt, replaced, etc.
When you swap stuff over, you get a little more involved with looking for the correct parts and pieces such as tranny/t-case crossmembers, shifters, etc. Being that your rig is an '86, the crossmember won't work for any 27 spline 205 because the last year for those in that spline count was '80 and the adaptors are a tall version that sits on a flat crossmember.
Sometimes its best to leave things alone and just get better parts that are either new or rebuilt.