I did this swap last year. I took the 700r4 out of my 84 blazer and stuck in a th400. I loved it myself. I also have a writeup on it if you do a search. the wire will come from the th400 and go to a kickdown switch that bolts to your accelerater pedal. the other end from the switch will go to a hot in your fuse box. your front shaft will work fine but your rear shaft will not bolt up to the 205 tcase. your rear shaft would work if you got a 208 from a th400. I dont think the 208 case from your 700r4 will bolt up. the crossmember from your parts truck will bolt up to you frame, but redrilling mount bolts might be needed. If your th400 came from a gas engine, you can use the torque converter with it. if not you will need to use a different torque converter. I would not consider using the one from your 700r4 if the tranny is toast because the torque converter in it might be toast or be contaminated with the toasted fluid.
wayne is right, about your low end on the trails it will change.
I liked the th400 in my blazer because I had 373 gears and drove it on the highway alot. I usually cruised at about 2500 rpms at 65 with 35s.