I think you can get your choice of stall speed for a given converter. Alan can do it, the tough part is giving him an accurate figure of power at the rpm's around the stall speed. I used 350hpmax and about the same torque as the estimate for my 2800rpm Edge unit. That may be a little low given what I've read of others with similar 347's since then.
Which heads are you using? I would get with Jay Allen as nicely as possible and ask him for his estimate of power given your intake and his cam and heads. He should be able to get much closer than any other estimate. Give that to Alan for the torque converter.
I think Alan would agree that a 98+ 4R70W is relatively strong, if it's in sound condition. If you have the 96 trans I'd be easy on it, you can make it eat the keeper snap ring on the diode quickly with rpm's much over 5000. They sling off with centrifugal force. You really need the upgraded reverse drum with mechanical diode, and Sonnax rings to hold it on. That's about $135 new on eBay, plus the Sonnax ring kit, maybe $10. You could swap just those parts if you had to, they are at the very front behind the pump.
He and I would suggest changing at least the EPC, maybe more of the solenoids depending on mileage. A shift kit will work fine for a NA 347, but more than that should mean pulling out a shift kit, and using a "Jerry" modded car VB. I need to do my VB and get back with Alan if I forgot anything or my notes are bad.