I rebuilt a 4L60E which was my first auto I ever worked on. (The guys here helped a lot with my questions) It was a success, it works, unfortunately, I still can't sell my wife's Suburban, even with a good tranny
..
But, 700R4 is practically identical to the 4L60E, minus the electronic shifting stuff.
Just saying..
The 3-4 clutch pack was what was burned in my wife's. It only took one drive of it slipping due to the fluid being low to burn the clutch pack. They "coned" which made it so the only contact point was the outside edge of the clutches. So, while they still looke pretty good in the middle, they were worn on the edge, and thus would slip.
I had a scare due to probably too much vasaline in the valve body when I put it together, and it wouldn't shift into OD, but after about 30 miles, it shifted fine.
I've now put around 1000 miles on it, changed the filter and fluid, and it seems to be going strong.
So, it isn't an impossible task.
Big upgrades that seem to be recommended is make sure you have 10 vanes on the pump, makes sure your valve body isn't leaking, get "The BEAST" reaction shell, and I went ahead with pinless servos, and upgraded band cap thingy, and Transgo plate, and ungraded pressure regulator.
I've seen fairly complete kits for around $300-ish on Ebay.
Get a video, and clean place to work, and I think you can do it. I used a harmonic balancer puller, and some bent metal for most of the special tools needed. A pair of extra hands, and two big C clamps and I was able to work on the 3-4 clutch pack..
I personally like OD, especially if you aren't running huge tires.
I like that adapter setup for the 2wd 350 for 4wd too!