From what I could find on the net and other forums, the first generation was from 82 to 84 with a 27 spline input shaft that was weak and followed the design of the 2004r. Then in 85 they beefed it up with the 30 spline input and I believe some better internals such as a 10 vane oil pump etc. This is the second gen. The third gen 700r4 goes from 87' onward and is what you mentioned MrHernandez and is supposed to be the more reliable and sought after. IMO the second gen. is similar to the third and the only reason it would matter is if you decide to go without a rebuild. I would not do this with any used transmission.
Maybe I need to go onto other forums. The corvette and F body guys are very interested in the 700r4 while GBody is aimed more at the 2004r, since it is a direct swap for most. Problem is that everybody wants stupid money for the 2004r's and they probably cost more to beef up to hold under power. With the 700r4, it's a truck transmission and is made to hold up to some decent power. The corvettes and camaros used them throughout the 80's instead of the 2004r so they can't be too bad. Got a buddy with a 92' chevy stepside with a pretty strong vortec 350 and 3.73 gears and is still using the stock 700r4 without a rebuild. The key in the longevity of the overdrive transmission is cooling. If you don't have an extra transmission cooler, along with the one built into your radiator for those who do, then standby because that trans is gonna get hot. Only reason I bought this one is because it was practically "FREE".
I just want that 4th gear to go with my 3.73's. I'm tired of that high whining engine on the highway, it gets old.