There are really two questions.
1. Do you prefer and auto or a manual transmission off-road.
This is all a matter of personal preference. I really like autos off-road, but you have to make sure you are comparing apples to apples in regards to the overall gearing when comparing them. A friend of mine isn't too keen on the auto in his truck, but he has a measly 19:1 crawl ratio with 42's. I have a 34:1 ratio, and we both have the same axle gears, with 40's and it's dramatically different/better on the trail. I'm also not saying its bad by any means, but I see a post above here saying how their SM465 and double (203/205) combination is so much better than a TH400....did they just have a TH400 to a NP205 before? If that is the case that is far from comparing apples to apples.
2. Would you use a 700r4 behind a, presumably, well built big-block in a Suburban?
Even being a big 700r4 fan I'm not sure if I would use a 700r4 in this setup. I would probably suggest comparing the SM465 to a TH400 swap in this instance, or a 4L80E.