hello there, i have done the swap also in my 1992 obs. i am running a 2000 5.3 and 700r4. the 700r4 uses the tv cable to control trans pressure and shifts. if not adjusted right you will burn it up pretty quick. the only way you can run that transmission is going to drive by cable and buying the bowtieoverdrives.com throttle vale cable kit and a trans adapter spacer and flexplate. i felt i have made a mistake by going with the 700r4 due to having to mess with the transmision [alot] to get the shift points correct. due to the trans being built for the tbi, wich shift points where around 4800 to 5000rpm. the reason i went that route was due to wanting the factory speedometer gauge. but you can run the 4l60e and 4l80e and buy a Universal Speedometer Signal Interface SGI-5 at dakota digital
and run the factory speedometer. i'm sure i left alot out of this but they are right get an eletric shifted transmision and have some fun. i am going to be swapping a 4l80e in so i can run the nitrous but the 4l60e will work fine just make sure you buy a newer 4l60e with the 13 pin connector for less of a hassle. i'm not a guru at this but i just dont want anyone else wasting money or going through the headache i have went through i will be more than happy to answer any more questions i hope this was helpful.