Yep been there done that. It's totally do-able with the 700r4 trans. Simplifies the wiring side, but the correct tv cable is critical to the 700's life span. The only one I found in my research was from Bowtie Overdrives. It's a well thought out kit as it includes an stronger spring for the throttle valve in the valve body in addition to the correct length cable and bracket for the intake.
It will require you run a cable throttle over drive by wire. Pros and cons can be argued to the end of time of cable vs DBW throttle, but if you intend to run a 700 you can't go any other way but cable. I was planning on it in my case as I didn't want to be miles into the back country and have a pedal, throttle or TAC module take a dump and I can't drive it out. Cable I can rig just about anything to limp out where I can get a new cable.
Still I like mine as it is. As far as the power goes, my 5.3 is a radiacal change from a TBI 350. It's much better, but it's no big block by any means. It does like to rev that's for sure. I went with 4.10's and wish I stepped up to 4.56's to keep the little guy in it's power band better. It's not bad as it is and the 4.10's are helping it get the fuel economy I am.
