700r4's were used behind a LOT of both hi-po and simply large vehicles, and there were a lot of variations. A 700 for a small block work pickup is very different than one that came out of a mid 90's vette, and different yet from one that came out of a v6 caprice and different from one from a cop car. Best to find out exactly where your trans came form so you know what you are dealing with.
Fitting the governer from a vette is a standard thing to raise shift point rpm's.
In stock form 700's are stronger than 200's. Due mostly to the popularity of high HP 200 equipped buick grand nationals, the aftermarket has developed many stronger parts for the 200, and it's true a full tilt beefed 200 will be stronger than a full tilt beeed 700