SUM,, you know your gear ratios.. Yes 700R4 built for 600 HP 600 Ft. Lbs TQ. In a light car with 550HP I hope I am ok. If I am correct your tranny and mine both have the same 1 to 1 ratio in third ? I too a will use 28" tires...If use only third gear I will need gears around 270, with 4th. gear I can use 321 to 355 and be ok.
I would like to plan on using 4th gear.
FYI - TCI has a neat new Constant Preasure Valve Body for the 700R4... If you have a beefed up tranny this new valve body and servo kit will make a world of differance and also keeps high line presure for real crisp shits and prevents damage from a poorly adjusted TV cable..
I would check with the builder and see if they feel good about that 600 HP going through 4th. B'ville is not near as hard on the transmission as the drag strip and doesn't shock it like there, but still if you need 550/600 HP to run the speed you want to run all of that will be going through the 4th gear clutches and from what I know they are the week link. I considered getting a better built 700 than what I have now, but since I wanted to make 650 HP I felt it would be marginal. You might be just fine with the 550 HP level.
I have over 140,000 miles on the 700R4 in my truck now and love it but my current motor is probably a little under 300 HP. Where I'm going with the motor I'm building now HP wise I felt better about the 4L80E. I got it free, but the price went up from there with the rebuild/converter and yet to be bought controller. For my driving I actually like the 700 better with the lower first gear and higher overdrive. I'll go down from the 3.50 rear now to a 3.25-3.35 to keep the highway rpms where they are now.
I'm aware of the TCI valve body, but haven't talked to anyone that actually has used it. I like my soft shifts that I have now when I'm not in the throttle. I run TCI's lockup kit and recommend it all the time. I have quite a bit of 700 info on my site along with how to install and adjust the TV cable here:
http://purplesagetradingpost.com/sumner/techinfo/techinfo.htmlLet me know if you find any V, Z, W, Y rated tires that are 28 inches high for hopefully 15 inch wheels or I guess 16 inch wheels.
c ya,
Sum