87-92 model transmission. Use the rebuild kit available from most parts stores for the basics, Trans-Go shift kit, Corvette servo, possibly an upgraded 2/4 band, Trans-Go hardened pump ring kit, Beast sun shell or possibly 4L60E sun shell if you're going to run in 3rd alot.
That should handle 500hp if you keep the fluid changed regularly (offroad and racing requires more frequent changes of fluid due to heat degradation). Add a +2qt pan with a drain plug and keep an eye on the fluid. The 87-92's have the large input spline (30 if memory serves), 9 vein pump for more stable pressures at low RPM, and an improved valve body system.
The Trans-Go pump rings will keep the pump from exploding when you're wheel hopping on a hill climb and RPM's are changing drastically. The Trans-Go shift kit actually reprograms the transmission rather than just blocking off the servos to make it shift harder. It's more in-depth and takes a little time, but if you follow the directions you'll be VERY happy with the way it works.
The 4L60E uses a wider 2/4 gear band for more holding power and there are several aftermarket bands available. Also, the 4L60E uses a hardened sun shell that will stand alot more power and abuse before the splined collar tears free from the body. It's also balanced for a smooth 3rd gear. I use a Beast sun shell in my Camaro. It's not balanced so in 3rd gear it vibrates some, but since it never down shifts on the highway, it's not a problem in it.
This is my build plan for the next 700R4 when my small input 200K mile+ unit fails in my K5.