Some of this will depend on the tire size and what cam you have in the motor. We had a T Bucket with a 383 stroker in it and a pretty radical cam. Had the 700r4 and a 3.73 gear. We had the 700 set up with a toggle so we could lock the converter when it went into OD. The cam was too radical and it would lug and surge. In this case a 4.10 would have been better. The car did great on the open road at 60-80 MPH and it got 22 miles to a gallon on the highway. It just did not work well with that cam around 45-50. If we left the converter unlocked till about 55 it was fine.
Something to add here. We used a 2500 stall converter for a 4cyl S10 truck. It has the lock up in it. So you have a 2500 stall a 3.73 or 4.10 rear and a 3.06 low gear in the tranny, that will really smoke the tires. Then you have the OD for cruising down the highway.