If you're on a budget go with the 350, it's a great trans for an El Camino. The 400 isn't worth the trouble to convert, and as stated does use HP to run it. If you want overdrive you'll have to pass on the 4L60E, it won't work. A 200-4R is the most popular choice of overdrive trans because of the gear ratio change from 1st-2nd gear. 700's are OK, but the when it goes from 1st-2nd the ratio change is bigger and lower HP/torque motors don't perform as well.
OK, there are a few things that need to be corrected here. There is no way to build a 700(4L60)and make it a 4L60E. They have internals that will interchange, but that's about it. The cases and valve bodies are completely different and nothing can be done to change that.
"Tranny Mike and this other member who has posted some serious info that has been transferred to the Articles and How to section will have the answers".That other member got all the info from me. He posted what I private messaged to him and it became a sticky. That's a good thing though, I don't care that his name is on it.
"For the meantime , a bottle or 2 of lucas trans fix may give you a little more use from yours." If you are going to build your trans I wouldn't do that. It's beyond a chemical fix, and you may damage hard parts driving it more and that'll cost you more cash.
A 700 or 4L60E only run 1 servo and that can't be changed(more servos). The Corvette servo kit does work on both transmissions though and improves the 1-2 and 2-3 shifts. A Transgo stage 1 or 2 kit is a good choice or a Sonnax Sure Cure kit can be installed in either trans, but are completely different kits for the 700 and 4L60E.
The electrical connector does have 4 ports for wires but all only use 3 of them. 1 is a 12 volt wire that's always hot when the motor is running, the 2nd is the ground wire, and normally is only grounded by the computer. The 3rd wire depending on the year is for a temp sensor signal or pressure switch signal to the computer so it knows if it's the correct time to ground the circuit and turn on the lock-up solenoid. There are 4 different configurations and the 3rd wire is where the differences are.
A 4L60E has 12 pins not 20 at the connector. Besides a computer a 4L60E requires a few sensors that are inputs to the computer to develop a "shift strategy".
I am the tranny expert here, but never want to show anybody up. I just want to help folks out and hopefully I do. :beer: