700R4 in a 1970 K5?

[RED 1970]

Hey guys, I've been spending too much time on my other car and have neglected getting to the things that need fixing on my K5. Mainly, the transmission and transfer case leaks...

Turbo 350 feels weak, like it is about to give it up. I could fix it but I remember reading somewhere that a 700R4 has the same dimensions and would pretty much bolt right in between my 350 and NP205(?)

Any past threads you can point me to or new advice would be appreciated!