A 700 IS weaker than a th400 but is not weaker than a th350.
They are essentially identical except for another gear added up top (overdrive) and a lower 1st.
The rebuild kits is marginally more expensive and depending on which unit you purchase the front pump is actually cheaper than a th350.
many shops will rip you a new one, because some folks assume OD means more work...yeah one extra friction disk set to soak and slide in.
I am a big fan of the 700 for a street driven rig. For trail only its a toss up.
To build a 700 to stand up to big meat and skinny pedal you need to upgrade the front pump to at least a 10 vane(after 87) front pump there is also an aftermarket 12 vane but the last time I built one I couldn't find one of these, they may not be around, but I haven't even tried google, so maybe available.
Also the 2nd servo is notoriously weak, the Vette version was substantially stronger and thats what I run in my Blazer, again there are aftermarket options.
Finally there are a few tweaks that can be done to the valve body to help fluid flow, and these things HATE heat. I run an external cooler and Mercon V fluid, and have had good success.
cost you are looking at 150-250 plus labor. I think the local going rate on a bench job (you R&R) is ~$400...but if you are mechanically inclined and get your hands on a shop manual, you can easily rebuild it yourself, trust me there is no magic genie inside an auto tranny like so many people think. Time, patience and a clean shop bench are all you really need to do the job..