Obviously a 700 isn’t the best choice for heavy towing or big block power. That’s why I mentioned if no big power increases are planned, a 700 will live just fine behind a small block.
It could be argued that a 700 might live behind a small block doing do heavy towing. Or behind a mid big block cruiser, but definitely not the right choice for both. The problem with a 700 is when you have enough hydraulic integrity and the friction material to clamp and hold big power is about the point where expensive hard parts start to break. Sure, there are plenty of aftermarket support for the 700, but by the time you spend the money for all that fancy stuff you could have easily installed a inherently stronger 4l80 and have zero worries, with money left over.
It’s just my opinion, but if you absolutely have to have overdrive with more than 450-500 hp, use a 4L80. Only reason that makes any sense to use a 700 is if the bigger transmission just won’t fit. Since the op said his suburban has a small block, the 700 will basically bolt in with easy to find parts.