a reluctor is called a tone ring by ford and is what the Vehicle speed sensor "sees" when it is rotating usually on the output shaft of the t-case in 97 and newer gm trucks. I put a 97 Tahoe motor and trans in my 73 but since i have a right hand drop tcase I couldn't use the modern tcase. Stealth conversions has a kit that solves this problem by putting the ring on the govenor gear of the output shaft and drilling and tapping a hole in the thick part of the case between the tcase and the trans.
There isn't anything wrong with the 4L60E trans they fixed a lot of issuies that the 700 had and they even make a stand alone computer to run it but when you have the complete engine and trans with the harness and computer and Dash even it runs great. it will run better when it starts getting a signal from the speed sensor. Go to Vortec conversion in this forum to see what I have been doing since Jan if you are interested. I have to start a photo account and update the link so don't be surprized if that one stops working.