It depends on what the 700r4 came out of. Different vehicles had different length tail shafts. The best thing to do is to measure the length of the two transmissions. You should be able to get a driveshaft shortened for around $150 if you need to do it. Also don't forget to get the vacuum-electric switch and harness for the trans, on the firewall by the heater box.
This will really make a difference in your mileage so give it some serious thought. I replaced a Turbo350 with one and my weekly gas bill went from $100 to about $65-$70. Hope this helps.
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