I have been contemplating this very question and even the 400 swap.
If you are a street/strip car I can't see why you wouldn't go lock up, EX. I traveled over 3 hours on the highway to drop off my GN in Wisconsin to get painted and used about a 1/3 tank of gas. With todays gas prices, unless you can get a super efficient non locker ( no guarantees ), I'd go lock up.
If you are going to go non locker due to racing reasons etc, why not just go to the TH400?? This is where I am at with all of this, just not sure anymore because the car keeps getting faster and driven less on the street.
I wouldnt go lockup because the non locking units ive been using are working very well and fuel mileage is of little concern. If i got 3 mpg more (which would be a long shot even locked) it would take me approx. 800+ gallons of burned fuel to reach the point of return if i spent $300 more on a lockup. Not worth it to me if i can lose 15 lbs at the converter and have an ultra efficient non locking converter that is super efficient up top where i need it to be with my hyrdaulically cammed engines.
As far as the 400 goes, youll be at 33% higher rpm if nothing else changes and you switch to a 400 at 1:1. Too much for most to tolerate.