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It depends on the kit you get. Basicly the kits will have you drop the valve body and change servo springs. Some kits have you drill holes in the valve body. I would not ise the B&M kit for the 700R. It is cheap and will not give you the shifts you are looking for. TransGo makes a nice kit. Search the post I am sure it has some good posts on the subject.
The stock auto tranny is made for nice easy shifts which leads to good fuel economy. A shift kit changes the fluid flow in the valve body (among other things). People install them to create firmer shifts, thus allowing your transmission to get into gear quicker and provide a "performance increase".
I installed a Trans Go shift kit (Jegs.com) and I'm not autotrans expert by any mean but what it will do it to give you much quicker & firmer shifts under hard acceleration but increasing the line pressure in your tranny. Fluid is what makes your autotrans work, both in the converter and trans itself. The kits have you replace soleniods, remove or change metal *****, drill out ports Etc. all to increase fluid flow. I hope that helps :cheers: