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As tnsmith said, the only electric control on the 700R4 (and the 4L60) is for converter lock-up. Early 700s should be locked in OD (4th) to prevent damage, but from 1985 (or maybe late 1985) on it is not necessary to lock the converter (although nice for better cruising gas mileage).
I have a 1992 4L60 (just a new name for the 700R4) in my rod and do not lock it in 4th, although I may wire in a switch to do that.
But do have the TV cable properly adjusted.
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