Is the absence of 700R4 a deal killer?

[crawdad]

Hey guys,
I've got a chance to pick up a fairly nice 86 SWB for what I think is a very reasonable price. The only draw back that I "think" it has is that it has the TH350 rather than a 700R4. I was really hoping to find one with the 700 in it, but couldn't within the price range that I have fixed for myself.
Question is, is the 700R4 such an enhancement or improvement to the truck that I should skip over this one and keep looking, or should I go ahead and take it with the TH350? The transmission is the only thing holding me back at the moment. Thanks for your ideas.