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Personally, if it was my truck and the original transmission, I would have it rebuilt by a reliable place/person.
Are you sure it’s a 700r4? The first year for a 700r4 was 1982. If it is all original it would have been a THM350 or THM350C.
Maybe a late '81. What does the RPO say as to when she was shipped out? Don't know about GM but Ford would start using the next years parts lat in the year.
A friend of mine has an original 116K mile 1981 Chevy C10 with a 5.0L and 700R4. Reverse went out. Would it better to order one versus having this one rebuilt? I have heard the earlier 700R4 needed internal upgrades. Would a transmission shop automatically know this being older 41 year old stuff? Please advise