My Hughes 700R4 and converter has served me well in my GTO listed below, accumulating 40,000 miles (multiple cross country trips) and more than 300 passes on slicks. 
As Cliff mentioned, the 3.06 low gear makes it a challenge to "hookup", but the GTO has run a best short time of 1.71 (13.01 @ 103.5) in spite of 3.08 final gearing and a mild performance motor (335rwhp).
Les
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Les Iden
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'65 Buick Sport Wagon Custom, 340, T350, 3:23
'66 GTO Post/468, 700R4, 3.31 (Mike's as of 9-16)
'68 Grand Prix/455, dual AFBs, T400, 2:93 posi (sold)
'72 TA tribute/461, T400, 3.08, (Russ's as of 9-16)
'97 Mitsubishi Eclipse Spyder Turbo, Konis, 5 speed
'09 Torrent GXP, nav, Sun & Sound pkg., Bilsteins
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