Ive had 2 700r4s. A stock one and a modified one with a manual valvebody. to be fair, my 350tpi in the 87 firebird makes a fair amount of torque, and if I pound my foot to the wood and get it to launch, its VERY quick off the line for 3700pds. Im more concerned about the tinfoil rear end in this car than the trans. That being said, get at LEAST an 87 year 700r4. The very early ones had some incredibly weak internals (most first year stuff in any car should be avoided anyway). Then have it upgraded to the corvette valvebody and servos, this will provide more pressure, less slipping and trans runs a lot cooler, without going to a "Shift Improver Kit" (which I have and never use the stiffer shift function anymore). Id also install a pan with a drain plug and a new converter.
I know they have a bad rep, but lets look at why...most of the people who have trouble tend to have mis-adjusted TV cables, or dont use the lock up function...OR grab a boneyard unit, drain it, refill it and throw it under their chevelle behind a 380ft pd modified 350 and expect it to last and get mad when a 100,000 mile auto trans thats probably been neglected and was only designed for about 350-360ftpds in a heavy car, leaves the party.
Put as much thought into a 700r4, as the rest of your build and it'll take anything you can throw at ir. 4L60s can take 10sec drag times with few modifications, so can a 700r4, if you adjust the TV cable properly and refresh it...anyone who pulls a core and runs it....gets what they pay for in my opinion.
As for my modified 700r? Well it lived behind my 383 that at one time had canfield heads, a performer rpm airgap and a 268H with a 20yr old beating it like a stubborn mule. I broke a U Joint, not the trans. If your TV cable is set correctly, and a refreshed 700 with vette internals lets go, its simply because your rear axle and engine are of legendary quality...not because the trans is junk. Its always the weak link that breaks.
Beware the trans rated for horsepower...its torque that kills things. figure 15% above your ballpark torque number and you'll never have a problem. This is all assuming you can get the a$$-end to stick like a prostocker anyway