If you even mildly beat on the truck, do NOT skimp on cost on a rebuild of a 700 (as in have every single updated part installed in it, new converter, etc) especially an older one like yours, and put in a LARGE tranny cooler.
I paid $1500 at Aamco(woulda done it myself had I not been stuck in a small town) almost 4 years ago to have my 700 rebuilt. Immediately I put on a tranny cooler. Being extra gentle to that thing after that, (although it did go off road...specs were 305/208/3.08's and 31's) I had no problems for 3 years. Guy buys it off me, puts big tires on, 3/4 ton axles on it, beats it off road, tranny lasted about 6 months for him.
The corvette servo is one of the "necessary" in my mind mods, as well as getting the 3/4 problem fixed (also a Corvette part, goes in the valve body, either a valve, "sleeve" for the valve, or both) that keeps it from kicking down into 3rd gear at high throttle positions. Of course the 3/4 mod is if you like to go fast in OD.
Dorian
My K5 and Chev/Olds tech/links page: <A target="_blank" HREF=http://www.dorianyeager.com/index2.html>http://www.dorianyeager.com/index2.html</A>