Gee, sounds exactly like my combo currently. 5.3/700r4. Or more correctly stated for 1991, 4l60 (no "e"). Here's the quick statement. If you have drive by cable, run the 700. Get the bowtie overdrives Vortec truck tv cable kit. I say Vortec, because they have a kit for the LS car intake (LS1 from a C5 vette or 4th gen Camaro). There is a difference.
If your 5.3 is a Drive by wire setup, look for a 4L60e. Best place is where you are getting the 5.3 from in the first place. Still, if you are dead set on the 700 and picked up a DBW 5.3, just get a cable throttle body from a 99-02 5.3 or 6.0 and run it. Just make sure your tune is set up for it.
Gearing is the same if it's a 700r4, 4L60e, 4L65e or 4L70e. All are derivatives of the 700. I didn't change governor and haven't noticed a need to either. My 5.3 is dead stock, no cam or any trickery. So my results might vary from others.