Greg, I agree, GM did update the 700 all along the way, and the later versions (87-93) were the best ones.
Still the 700R has very tiny clutches compared to the TH400 and the 4L80 and even the TH350, the TF727 are larger in this respect.
The one area that is of most concern is the aluminum valve body on these boxes. The fluid must be kept very clean to avoid failures due to stuck valves and scored bores.
Been around the 700R since its introduction back in the early 80's and have been inside a Buttload of them.
I will use them, but have never been impressed with the design.
The band used in the 700 controls second gear and fourth gear and yes it is large.
The reason is the tremendous holding power needed to hang onto overdrive.
If the larger 2-4 servo that was used in the Corvette is used, along with the shift kit and a few other mods the band lives well. ( Kevlar band is a real help)
Sorry to be critical, I have over the years, swept far too many of these trannies off the bench into the trash because there was not enough oleft that was usuable.
Built right, with all the best aftermarket updates and improvements, they will get a thumbs up as a good box for a People mover.
If ya want to take the rig out and thrash it in the boonies, then my choice is the TH400 hands down.
These trannies in stock form were used in 35 foot motor homes and other large equipment with little troubles.
No tranny is perfect, especially when we get ahold of it and head to the brush for some fun.
Best
Snowy