I think it's drifting away from what is needed vs. what we all would do if it were ours. I think there are more questions to be asked of
RoxanneThe79’Cutty first.
Guesstimating/Assuming a low numerical gear set like 2.41 or 2.73 at best and likely a toasted or soon to be toasted 200C transmission or 3-speed auto-something to start with, along with that 305, what is the end goal? What is the short-term goal? These questions need to be answered first. Is this to replace the transmission in your car or are you planning more upgrades in the future? Are you going to replace the 305 with say, a 383 stroker at some point? Or just leave it as is? If this will be a mod-rod, then sure, go with a 700 over a 200-4R only because of availability. The 200-4R, if built right, is a pretty stout transmission in its own right. But that's key with the 4R. You need to make sure it's built right. In pure stock form, the 305 could tear it up.
For your least amount of money, if you have the availability of a TH350 in front of you for cheap, it's a FINE transmission to live a long life behind a 305, cheap to rebuild and even modify a bit for long-term reliability. Keep in mind the TH350 uses a vacuum modulator where the TH200C does not. Also, the TV cable on the TH200C will be replaced with the kickdown cable on the TH350. There MIGHT be some bracketry by the carburetor needing to be changed. And probably cooler lines too. But it should bolt right in otherwise. While your driving habits may tear it up, the 305 shouldn't be able to. It will be comparable to what came in it stock as far as performance, but again, where are you going with this project?
Unless you know the history of ANY used transmission, it's always advisable to go through it first or have a trusted shop go through it to ensure it's in great shape. If you're just replacing your tired old transmission, this would probably be the easiest swap compared to any OD variant. No rear gear changing required.