It would kinda depend on what gears you have in the rear end. High gears like the 2.41, a th350 would be just fine. Lower gears like 3.73 you'd be better off with an overdrive 2004r or 700r4. I've got a th350 with 3.73 gears and my gas mileage sucks! Perfomance is great, but I go through WAY too much fuel 8O
When you say street/strip, what exactly are your plans? Will your car be a daily driver and is it your only vehicle? If you are building a performance motor thats putting out 400+ hp, I'd go with a 400 THD. A 2 speed race preped Powerglide is not something you want to drive on the street. There are some good choices available for under $2500. Check out Summit Racing...they sell TCI and BM transmissions for different applications.