sounds like a good deal if he really is replacing the hard parts to upgrade it. just dont forget about the evtra cost with swapping the tranny out. new dipstick, tv bracket, vacuum switch, wiring harness, drive shaft work, and the tv cable itself.
here was list that mine had done
PRECISION MASTER OVERHAUL KIT
SUPERIOR HIGH PERFORMANCE REPROGRAMMING SHIFT KIT
SUPER PUMP
DIRECT/REVERSE INPUT DRUM
TURBINE INPUT CLUTCH HOUSING
MODIFIED SUNSHELL DRIVE GEAR TO INCREASE REAR PLANETARY LUBRICATION
MODIFIED INPUT SUN GEAR TO INCREASE FORWARD PLANETARY LUBRICATION
UPDATED/MODIFIED ACCUMULATORS
HIGH PERFORMANCE BAND
UPDATED & MODIFIED GOVERNOR w/SPRING KIT & NYLON GEAR
RECALIBRATED VALVEBODY w/UPDATE TV VALVE ASSEMBLY
RECALIBRATED VALVE PLATE FOR SHIFT FIRMNESS
NEW HIGH FLOW FILTER
NEW LOW/REVERSE HEAVY DUTY SPRAG
NEW HEAVY DUTY FORWARD INPUT SPRAG
NEW HIGH PERFORMANCE ALUMINUM SERVO
you can buy the parts from them for under $500
http://www.monstertrans.com/store/products/700R4-Rebuild-Kit%2C-Mega-Monster%252dIn%252dA%252dBox%3A-1987%252d93.html ( note I am just a happy customer )