5.3+700R4+NP208=Will it work?

[CHEVY4LLTHEWAY]

I have recently started kicking the idea around of replacing the old 350 with a 5.3 vortec out of a wrecked or salvaged vehicle with fairly low miles. I have heard that you can use a 5.3 with a 700r4 with a few adapter kits, but most people go with the newer 4l60e because it is obviously computer controlled, but at the time I do not have the money for both. I do remember seeing on one site if I remember correctly that you cannot use an np208 with the 5.3 because of the speedo sensor is mechanical and will not work with a 5.3? I would appreciate it if someone could give me some more information about this.