I prefer the 2004R with the 2.74 first compared to the 3.06 of the 700. 2nd gear drop is not as drastic with the 200. Overdrive is .67 with the 200 vs .70 of the 700.
The 2004R is more like a close ratio muncie and the 700 is more like an SM465 truck tranny. That granny gear may get you off the line but the shift to the next gear is horrible because itboggs the engine down.