Is that from the Bowtie Overdrive site. I've read that article before somewhere. I think if you're going that route you'd probably have to swap out your 3.08 rear for something like a 3.55. I don't think a carb would be too happy hauling 3600 lbs down the highway locked up at 1600 RPM.
 
A friend in Peterborough has a 700R4 in his Avanti and his '65 327 el Camino and is more than happy with both. I understand that there are people building pretty stout 200R4 transmissions and they pretty well bolt right in in place of a turbo 350 or PG. OD certainly helps gas mileage.
 
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