Rebuild the 84 diesel 700r4 or update to newer?

[rs74]

I know that the earlier years of the 700r4 were not the best or at least that is what I have always heard. I need to either rebuild the diesel 700r4 that is in the truck or upgrade to a newer 700. So with that said. With the 6.2 is there really a need to put a newer one in? I am not sure what the newer 700's have that make it better over the older one. Just wondering if it is necessary to do so or if rebuilding the old one will be just fine. Also if a newer one is put in is it just a plug and play like the old one? I was thinking they were all TV cable operated and had a lockup plug on the side? I just want to make sure I have a good trans I can depend on.