if the car isn't going to be a dedicated strip car and will see some cruising/street use i think i'd opt for a built 700r4 and get the benefits of the OD.
the OD really makes a radical strip car into a drivable street car when the need arises. i have a TKO600 (overdrive) and since owning it i'll never swap to a 1:1 final drive... gas mileage/cruisability alone is worth the expense...
the TH350 is a pretty stout transmission and can be built to handle the power you'll be looking at, but then EVERYTHING is breakable if we try hard enough...