Re: 700 Raptor
The issue is gonna lay in the way you drive it. If you baby it on the street, it will last longer. I've fixed these for guys that are just pulling away from a stop sign and the rear planetary breaks. Other guys have had them last for years. Goes back to the "how do you treat it" theory. If you keep it at a 12 second truck with occassional trips to the track and just some spirited driving on the street (not every stop light), then you'll be ok. If you think you can get a 700 that your gonna go bracket racing with, no. They will not do that no matter what anybody tells you. You don't have to take my word for it. Go through some searches and you'll see the mess. Some have broken just pulling over speed bumps. Again, it lays in the shift design. It sounds like you are wanting to do a lot of racing if you are willing to give up OD. If you want to do an 80e, get one from the junk yard and buy a kit and do it yourself. If you do it that way, you'll more than fall under the $5000 limit you've put on it. You'll have computer control of all characteristics and you'll NEVER hurt it. If you go for a 3 speed swap, you want the 400 over the 350. The gear spacing is gonna be much better(2,3 gear shifts are same as the 80e). Just remember your gonna be spinning a lot of rpms going over 50 mph. Put your truck in 3rd and drive it for a week and see if you can get used to the behavior.
I'm trying to figure out a way to describe the 700. It's not an "endless" commodity. If you can imagine a tank of water. You get hot, you use some, etc. If you work a lot, it gets used up faster. If you take it easy and sit in the shade a lot, it lasts longer. That's the best analogy I can make.