Yes the 700r is the original tranny behind the 4.3 seems to shift out smoothly
Install a "Corvette Servo" in the transmission. It's a cheap upgrade, easy to install.
The logic here is that the clutch pack that engages for 3rd gear and stays on in 4th is a known failure point. The fact that this was a 6 cylinder unit increases the likelihood of a failure behind a V8. The 6 cylinder 700r4 has 5 clutches in the 3-4 clutch pack and has a reduced torque capacity because of this. The V8 units had 6. GM upgraded to a 7 clutch 3-4 for the 4L65e.
The servo upgrade increases the apply in 2nd gear and gets the oil to the 3-4 clutch pack faster. This results in a cleaner 2nd gear and 3rd gear shift. I think it would be worth the 20 bucks to help this area out.
I'm a hobbyist and not really transmission guy, but that's what I would do along with keeping the factory converter in place.