The TH-400, (three speed) is a power hog of the worst kind. In some cases, depending on converter, they can consume up to 40 horse power. The gear ratios don't lend them selves particularly well to 4 wheeling, but they are tough.
The TH-700R-4 (four speed) 1st gear is lower than the TH-400. Lower gear ratio means slower rock crawling and snappy starts when trying to get into traffic.
The TH-700R-4 uses less than 1/3 of the horse power of the best TH-400 build, and according to the GM usage charts, the TH-700R-4 is only VERY SLIGHTLY less strong than the TH-400.
It has better gear spacing than any previous GM transmission, and that helps keep you in the power band of your engine. Not many people take this into consideration when picking a transmission.
The TH-700R-4 has an over driven 4th gear. Over drive means longer legs on the top end (higher top speed). Over drive also means much improved gas milage, and lower engine speeds (RPM) on the highway.
The TH-700R-4 has the added option of a lock up torque converter that increases it's efficiency, and adds fuel milage.
(The lock up converter will only engage in 3rd and 4th gear, and can be turned off with the push of a button, if you choose not to use it.)
This is a no contest comparison. It's like comparing the old breaker point ignitions to the better late model electronic ignitions.
You may be able to find the transmission you want, depending on your application and the transfer case you are using, in the junk yard. TH-700R-4 transmissions came out in several versions of GM 4X4's for several years. The adaptors for the NP T-cases grow on trees, and the tail shaft housing is the same as a TH-350, and there are literally millions of those out there for an adaptor source, but I don't know about the output shaft, my transmission guy is in Fla. right now. (I'm thinking most will though)
Hope this helps. Aaron.
So many cats, so few recipes...