I have done this swap years ago. What I remember; The long shaft Turbo 350 is less than an inch as long, as the 700R4. The cross member is a different part than the T350 cross member, but you can make it work if you cut or grind a notch for the 700R4 pan to clear on one side. The cross member needs to be moved back a few inches. There are holes in the frame for the 700R cross member, but if you use the T350 cross member you will have to drill 2 holes.
As stated above, you need to swap the T350 kick down cable for the correct Throttle Valve cable. The carb mount for the cable is also different.
You will need to change the convertor lock up electrical plug. The T350 has a 2 wire plug, the 700R4 has a 4 prong plug. The 700R4 only uses 3 of the 4. The new wire added goes to ground.
Very important, the convertor lockup must work correctly. If the circuit was not working on the T350, no big deal, you just don't have lock up. If it does not work on the 700R4, you will damage the trans in a short time.
One of the best features of the 700R4 not stated in this thread, it has a lower first gear compared to the T350. So lower first and overdrive. The later models will hold up just fine with your 305 engine. If you plan on putting a different engine in with more torque and horse power you may have some issues with durability.