The 92 corvette was equipped with the 4L60 auto trans. I am not a tranny guru but the 700R4 and 4L60 are similar, I dont know of the specific differences. But I do believe that electronic controlling in the 4L60 is what seperates the 2 types. Im sure that you can find the info on some of transmission sites.
The 4L60 is correct for the OBD1 cars since it is a mechanical shifting transmission with cable linkage. When the OBDII system was used after 1993 the transmission became a 4L60E the E designates that it is an electronically controlled shift from the computer.