You can get a 700R4/4l60e transmissions built up to handle 600-700 hp at a decent price. Some racers frown on them because even the built up ones can blow up.
The 700R4 is basically an overdrive TH350. It's no where near as strong as a built up TH400.
The 4l80e is the heavy duty overdrive trans that is in the same family as the TH400. They can be built to handle massive amounts of power, but they can get expensive and they don't have as low of a first gear as the 700R4/4l60e transmission.
If your going to race the car a lot and want the street overdrive then I'd go with the 4l80e and a stand alone controller or manual valve body.
If your mostly using it for street use with it seeing the track every now and then the 700R4 should be fine, but get it built to the hilt especially if your running slicks on the car.
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1964 Malibu SS, now a LS1 and T56, Back halfed, rollbar, narrowed 9 inch, 4.11 gears and 31x16x15 Mickey SSR's on Weld wheels.
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