The 700R4 can be updated/modified to handle that sort of usage pattern. Or you can do a 4L80E swap as-is (I'd replace the wiring harness as those like to leak and short out) with a stand alone controller and go from there. A third alternative for auto trans is the TH400, if you don't need OD.I was planning on it but wasn't 100% sure.
It'll mainly be used as a street cruiser with the occasional time laying into it for fun