I went through the same discussion, here, and with myself. My findings are that the 350 is a direct bolt in (kinda). Yeah the trans cooler lines bolt right up, and the crossmember. Yeah there is no tunnel mods or yoke/driveline mods. HOWEVER, the inside (console-floor shifter) of the TH350 from PG conversion is not that much fun. Replacing the shifter detent is not as easy as anyone said, and certainly not as easy as the instructions included in the kit. The detent kit, and shift rod will set you back at LEAST $100 (aftermarket), and plan on many hours to complete the task. I REALLY wish I had just gone with a bolt in Lokar unit for a little more $$. It is much better looking and Lokar's products and instructions are HIGH QUALITY! But I didn't know how much B.S., trying the stock method, I would run into either.
Now on to tranny to tranny comparison. If I had a mild street motor a 700R would be my choice. LOW, LOW 1st gear ,which with my motor, would probably be a hinderence with street tires (spin, spin, spin). I went with a built 350 performance wise, because my reasearch lead me to believe that a 1/4 mile or signal light to signal light car would benefit with 3 gears versus 4. Using the TCI calculators, I think the TH350 is exactly what I want for performance and around town cruising. Having said all that, on the freeway (with 9" rear and 3:70 posi) I will be spinning the motor a bit. I don't plan on much freeway driving. Reno is still pretty small, so city street commuting is still O.K.
Fast forwarding: my next classic I do plan on trying either the 200 or 700 tranny. I would make it a winter project so I can take my time. The one other item on the 700 that intimidated me a bit was the TV cable. I have never had to 'set-up' a tranny, other than a kickdown cable.
Good Luck!