Hello Feltman,
I'm in the middle of a complete body-off project so I had to deal with these issues two years ago.
Starting with the transmission. When you want to buy a 700R4, be sure to get a 4L60 (late 700R4, and not the 4L60E type) The first generation 700R4's have there weaknesses and they are corrected in the 4L60. I think after 88 or 89 they where put in Corvette's. Second thing, they said to me to only take a Corvette 4L60 (700R4). These have some stronger parts inside and something that has to do with the 4th gear.
Things you have to change.
Put a 82 center console gear selector indicator thing in to replace your 81. The plastic thing with the gears on them.
Easiest thing to do is replace your 81 transmission crossmember for a 82 model. You have to shorten your driveshaft to fit between the transmission and diff or take a 82 model.
I'm still not sure if the 81 ECM will control the luckup on the 700R4. Some say it will some say it will not. I also got the lockup kit from bowtie overdrives to let the lockup work without the ECM.
As far as I know the diff is a good combination for the new transmission.
Engine.
I wanted the outside to look stock so all the changes occurred inside. Without changing the heads my engine guy advised me, to not go with a 383 but some guys here made a 383 and are very happy with it. I changed the camshaft for a comp cams (don't recall the number). Changed the pistons for the hyperthings, heavy oil pump and it already had a double chain, timing chain on it. The engine only has ran for maybe an hour till now so I don't know the results. True dual with Dynomax Ultra Flow will be installed somewhere in may next year (if Santa Gerry is willing to send them to me

)
Groeten Peter.