jon79flavette, the question to ask yourself is: "What are my goals for this car?" If your primary objective is to just 'cruise for ice creams', and never 'USE' that 460+ HP, go with the 700R4. If you're gonna go to the strip, go with a 'built' THM400.
I have BOTH: a THM400 in my 12-second '79 Z28, and the stock 700R4 in my '82 Corvette. For my 'personal' tastes, I'd NEVER put a 700R4 in another car (my '82 Vette has only 19,000 miles, and is 'too-nice' to cut-up; the 700R4 stays-put) for a few reasons:
#1: Gear ratios... the gear ratios of a 700R4 are 'too-wide' apart; 3.06, 1.63, 1:1, and .7:1, where-as the THM400 ratios are 2.48, 1.48, & 1:1. Consider this; if your shift-point is 6000 RPM, here are the gear-drops of the 700R4, then the THM400 in (#):
1st/2nd shift- 3196 RPM (3580); 2nd/3rd shift- 3680 RPM (4054); 3rd/OD shift- 4200 RPM (no OD in THM400). The RPM-drop in the THM400 favors it over the 700R4 by virtue of keeping the motor in it's 'power-band'.
#2: computer/random shifting... you'll need to add a computer to 'run' the 700R4, for the lock-up converter feature (I think, unless BTO by-passes the computer/lock-up). With my '82 Vette, at low-speeds (30-45 MPH), the tranny doesn't know which gear to be in, or to lock/unlock the converter. At 40-45 MPH, the tach reads 1100 RPM, and the motor 'lugs'. About the time that I decide to 'kick-it-down' a gear, the computer un-locks the converter! It goes from OD/lock-up to 3rd/un-lock! You lightly squeeze outta the throttle, BOOM, it locks-up, then, up-shifts again! I've had mine looked at by a certified GM technician (who has hot-rodded Vettes 'on-the-side' for 20+ years!), and he says the 700R4 is working fine!
#3: durability/reliability with no dis-respect to BTO and other 700R4 manufacturers, if the 700R4 is so 'durable', wouldn't weekly bracket racers use it? You have an extra gear, a super-low 1st gear, they're becoming more plentiful as the years go by, and yet NOBODY uses them in 'serious' race cars (I repeat my first line of questioning: "What are my goals for this car?" )
Here's a thought; if you DO decide on the THM400, choose your rear-gearing based on the 1:1 high-gear ratio of the Turbo, but purchase an 'extra-low' gear-set for the THM400. I have TCI gear-sets in BOTH of my THM400s (an identical 'spare', just-in-case); the ratios are 2.75:1, 1.57:1, and 1:1 in high. This way, you'll have durability, AND a lower 1st gear ratio (3.73s 'feel' like 4.11s; 4.11s 'feel' like 4.56s; etc.); your 383" has a 'broad' torque curve, and will LOVE IT!!!!!:J
just my $.02 worth (what a ramble; I shoulda been charged a full dollar!)