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overdrive vs non-overdrive isn't about how fast it can go really. foot to teh floor the 700R4 will only go into 3rd gear anyway. teh difference is having the overdrive to make it more livable on the street and get better mileage when rolling down the highway or really anyplace that you spend time above 35-40mph.
there is really no reason to get rid of the 700 unless you are planning to build an all out race car. even then, a th350 or powerglide would likely be the better choice.
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