700-R4

just wondering wut every 1 thinks about the 700-R4?? i am lookin to put more gear in my car but i still wanna keep it 100% streetable. i am young so i cant afford all of the gas that it would gussel if i put a three speed in it. i am looking to be able to drive to my not so local drag strip and make 10 runs and still be able to drive it home on the same tank of gas. i was thinking about putting in the 700-R4 with either a 3.73 or a 4.10 (note i am planing on using the 7.5 10bolt so 3.90's are not a option) with a 27"-28" tall tire. also i am running a 305 that will hopefully be getting a 100-125 shot of nitrous. so knowing all that info will that tranny be good/strong enough if i build it up and also what converter would u suggest i use (i found that my happy spot right now with the 2.73 gears is around 2200-2500 rpm). if u can help me Hutch this would be greatly apprechiated


thanks
mike