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If your trans is built strong enough, you can put into 3rd to drive around when you don't want to go into 4th (overdrive).
It will work like a regular automatic and go through the gears 1.2.3.2.1.
Then move shift lever from 3rd to OD when you will be going highway speeds and want O'drive.
 

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I do the same around town with my 4L60E and 2.73 gears as Old Bear suggests. Works great and then I move the lever to OD when I'm on a suitably fast highway.

Rick

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well depends what the speed limits are on the highways near you and how fast you go on them. around here most road have a limit of 50 and the cities have speed limits of around 60. so if your on average traveling 55-75 on these highways and you want to keep the engine between 2000-2500. this is where you play with the calculator to determine what gears you need. if your elecamino had the same size tires as mine you would almost need 3.73 gears to try keeping it in the happy rpm range and even then 4.10 gears could even be considered especially if you plan on running a bit taller tire in the future. shift point would be determined by whatever kit you use to control the overdrive but most still usually a pressure or vacuum sensor to determine when the engine is put under load to kick out of overdrive.
 

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I just updated the a 350 on a 700r4 with a 3.66 so Im running about 2300 rpm highway. I do like it but I think I will go down to a 3.23 are maybe 3.31
I am running stock size tires

I had 3.36's/700r4 and it was OK. However with a 350 the torque is not all that good for the weight of the vehicle. Big Block it would be fine. It would go in an out at low cruise speeds all the time. I would stick with the lower gears.... 3.66.. Never heard of them? Do you mean 3.55? I personally love the 3.73's I just installed. Experienced this combo before in a 97 Mustang so knew what it was like. I got 26mpg on the highway with it. So with these on the highway (low tech Holley) about 17mpg. 2400rpm at 70 is a good sweet spot for my cam, ign. and carb combo. If you go to high like a 2.73 and a .070 in the gearing your now out of the your torque band and lugging it going up long grades and it will shift down more. What I like now is that the shift from 3-4 is not like high and then no power. Kind of like rev matching it better... and to make that better you need to adjust the Shift point governor since a lot of 700r4's are out of trucks, not Corvettes.
 
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