I believe this is within reach of a mechanically inclined, motivated individual w/the space, tools and a good manual.49fordp/u said:
I did a TH400 followed by a TH350 by using a GM factory service manual- one of the nearly 3" thick jobs that aren't usually cheap (mine, and about 8 all together were thrown away by a neighbor when he retired from a dealership. Go figure...).
I took my time, had a well lit clean work area w/plenty of room to work, I researched the job as best I could (pre-internet, here) and dove in. I was successful on both of them and have done quite a few more since then.
One hurdle for the first-timer, is that he's not too likely to have any spare parts, like a rebuilder has at his disposal. I got lucky in that the 400 needed nothing, and I had several cores for the TH350.
Yes. I was able to use various tools from around the shop, along w/a compressor I have pictured before that was fashioned from a Pontiac con-rod cap and a long eye-bolt/washers/nut assembly.
Tools are available from various places, in different qualities and prices. You may be able to rent or borrow, also. Hopefully some tips will be mentioned by the Pros concerning work-arounds for the tools.