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A 700r4 is like a D36, it'll blow when it damn well pleases. There is no concrete limit to the amount of power it can withstand, you could put 500tq through it and it could last years, or not even get you to the end of your street.
If you want to build up a 700, you'll need better hard and soft parts, definitely a tranny cooler, and prayer. If youre thinking of building a monster, I would just go straight for a built TH400 or 350 and slap a GV overdrive on it.
We built one for a 575 ft lb and 500 hp f body in January. Not alot of upgrades, but blueprinted well. We are gonna see how much it takes to break it. I will post when it does. So far, so good though.