While this pic is correct, you'll want to place washers on there to get acurate torque readings, and to keep from messing up the bracket.
Your tranny will shift on it's own, both up and down.
you will not have the kick down feature.
Also, when you floor it from a stand still, you'll only get up to about 300 - 3500 RPM in fist, and you'll only stay in 3rd for a couple moments before it goes the 3rd.
The kick down cable (very simalar to a TV cable in function, but twoseperate things) not only kicks the tranny into alower gear, but it'll hold that gear untill the govenor makes it upshift. Without it, the tranny will shift on it's own at it's own predetermined shift points, regardless of where the throttle is.
Hooking up the kick down makes things seem much better, and feels quite a bit faster, but, it is not needed.
*NOTE*
This does NOT aply to any 4 speed auto... leaving that cable (TV cable) disconnected will make your tranny act stupid, and will kill the tranny in short order.
Here is a blurry shot on how I had mine hooked up on a small block with a performer intake. This was on a 69 with the throttle rod, and the kick down bracket... I have no clue what it came off of. I remember cutting off a piece that had another hole for an accelerator cable... so I KNOW it was not original.