There are pro's and con's to the 350 vs 700r4. IMO, the winning transmission would depend on what you're using the truck for. T350 is stronger of course, needs less done to it to handle some abuse. 700r4 has a deeper first gear which is great for taking off, or pulling something at take off. BUT, the 700r4 has a very wide ratio between first and second, so you can potentially get that fall off in the shift to 2nd, so racers usually wind up first gear real tight over their power band range, so that when they hit 2nd, they are still at the bottom of their power band range. No need to do that in a T350. Of course the obvious OD in 700r4, no explanation needed. But, for you nice cruising 77, yes you need a 700r4 and would be the practical proper choice if you drive it on the highway at 70mph. I myself like 700r4 because you can run alot lower rear end ratio, which is a torque gain for sure, and also takes strain off the 700r4 helping it last longer, so with the 700r4 you can have the best of both worlds. A low 3.73 or 4.10 rear end ratio, but yet have OD to compesate for it in the big end.