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I'm interested to see which way you go as well. On a related note, TCI is selling a 6 speed based on the 700/4l80 (i'm sure it's only about 4 or 5 times a much money)
Did you modify the 454 TBI to accept a TV cable? GM never put a 700R4 behind a BBC thus there is no provision for a TV cable hook-up. If you don't take care of this issue first you will continue to burn up ANY 700R4 you install UNLESS you go with one that has the special valve body that doesn't require you to have a TV cable.
Sorry for the slow response. The 454 is a carb. motor, the TV provision is on there. What I have decided to do is take the original tranny to a guy in NC and have it rebuilt. He is going to install it and set the TV properly. I hope this will fix the problem. I love this old rig.
BTW I have a 700 in my Jimmy, I tow my wheeling truck with on a regular basis, thats 7000 lbs. My foot is always on the floor cause its a 6.2 my 700 is a bone stock rebuild.