I know a lot of guys are using transmissions that have lockup torque converters. A couple of the most popular transmissions are the 700R4 and the 2004R. I also hear guys complaining about the performance and sometimes failure of the lockup system. I decided to use a 700R4 in my 32 because I like the low first gear ratio and I wanted to have OD for cruising on the highway so I figured I'd better educate myself about what to watch for with a lockup converter. I found a lot of information out there and after digesting the bulk of it I found that these units can be very reliable if you select the right components for your application. I've attached one of the best articles that I found on the subject that goes into great detail about the construction of the converters and things you should look for and be aware of when choosing one.
Moose