In my opinion there are only two reasons to use an automatic transmission. You never learned to shift or you are drag racing. First is obvious, but not so with the the torque multiplication obtained from the fluid coupling in the "Torque Converter".
This is why almost every amateur racer from a Top Alcohol dragster/FC to Super Comp, Super Gas, and Super Street uses an auto. Same for all the way down the Sporstman ranks, until you get to Comp, Super Stock, and Stock where there is an "A added to those cars with an auto versus the manual added to the class lettering visible to the tower for indexing purposes.
Torque is what accelerates a car not horsepower so the more tire shreding torque you have the harder you launch (assumes you have the tire to hold the power and the suspension set-up to get the power to the ground).
If you are not using a trans brake then an auto also helps cushion the shock of the launch (for better sixty foot times).
Have you considered adding a Gear Vendor auxilary trans bolted to the back of your TH400? Much easier to fit into your car than a a 4L80e.
I do favor the 4L80e because the "e" means you can not only program it to behave like you want it to, but you can add a simple switch to the dash that is like setting a phaser from stun to vaporize. On kill setting it will put you in the back seat on each up shift if you are not belted in. I also recommend retaining a lock-up converter for the street. The lock-up function is like a fifth gear as it removes most of the power loss associated with a torque converter. Down side is if you make gobs of torque with a BBC you can rip the friction lining off the clutch surface (I've done it three times now but it was fixed twice under product warranty).
Good advice given by Dave - TORQUE is what pegs the 'Seat-O-Pants meter'.
My suggestion - leave the THM400 as is and swap out a looser T/C, say 3500 RPM.
Believe me, you're not driving this Camaro for MPG, and they weren't intended to be sippers.
If you want a sipper, get a Prius/Civic and sell the Camaro.
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