The major downside to the Transmissions that need TV cable, if not hooked up correctly, trans can burn up as little as 30 miles.
Too many still see the TV as a kick down cable and it is not. As long as you start the project knowing this you a world's ahead. The 700R and 2004R respond well with 2300 stall, provided your engine is setup for that.
If you are running stock cam, compression, manifolds and exhaust, ... You are better off with stock converter. However if you plan to improve engine and exhaust at later date the 2300 stall won't hurt.
Lockup can run stand alone. You just need the kit or just hard wire but make sure to add a disconnection at the brake pedal or switch.