I agree with the TV cable adjustment causing most of the failures. Too many people think flooring the gas pedals d calling it good.
First step to proper TV cable adjustment is to make sure the throttle fully opens when floored. Many times the floor mat, linkage flex, etc prevents WOT.
Gently accelerate, at the minimum speed the trans shifts into 4th gear, floor it, the trans should downshift to first. If not, the cable needs tightened another click or 2.
I didn’t mention the updated sprag, that slipped my mind.
Properly built, with the right parts, a 700/4L60 will reliably handle 500-550hp. Unfortunately, when you finally get the hydraulic pressure and friction material to handle some power, then you start to break parts.
In my opinion, it’s just not practical to use a 700 with big power. You can buy every aftermarket upgrade available, it’s still a weaker trand than a good junkyard 4L80 with a shift kit. If you have big power, absolutely have to have overdrive, and can make it fit, use a 4l80.