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If you're going to be using it as a daily driver the 700R4/208 is the best choice. You could probably buy a parts truck with that driveline dirt cheap giving you everythign you need.
Couple more questions...Last but least...4. Is their a Floor Shifter for the 700R4 for a setup like I have is I chose not to use the spare column. My Milk Truck had Lokar shifter on a Turbo 400 that I really liked.Mike
As for a firm shift, that's easy enough with a shift kit and a servo upgrade. http://cgi.ebay.com/ebaymotors/GM-700-R4-FAIRBANKS-HI-PERFORMANCE-SHIFT-KIT-M-A74171_W0QQitemZ320186492718QQcmdZViewItem
Mike, I sent you an email reply but from my research the crossmember would have to be moved about 3" when going from a SM465/NP205 to a 700R4/NP208. Someone chime in if you have conflicting info...
Personally I usually use trans-go stuff but for the average guy who isn't a transmission wiz Fairbanks makes a good straight forward kit. B&M is overpriced crap in a box so don't bother with their shift kits. TCI is decent too.