I had my th350 rebuilt years ago with a hardened outer sprag race and heavy duty clutches, and a shift kit. Its still working fine but i worry about the sprag. Some say the outer sprag race is the weak link others say it doesn't help much upgrading it alone. Its been working for me so far. There been alot of debate about the 36 element sprag and how it lubricates for extended street use. Drag racing its supposed to be fine. For street/strip use the 4l6e sprag which is wider and the case saver is supposed to be better. Transgo shift kit gets the nod, however im running and old b&m kit and its fine. The key here is programming the shift so its not too harsh which shocks and breaks the sprag on the 1-2 shift. Once you upgrade the sprag i think the weak link becomes the input shaft. I disabled my kick down, i prefer to take control of my downshifts, i don't like supprises. Might want to upgrade you driveshaft and ujoints while you're at it.
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'78 Macho T/A DKM#95, 460cid, SRP pistons, KRE 310 D ports,
3" pypes, Hooker 1 3/4" headers, hydraulic roller,
10" Continental, 3.42 gears
11.5 @117.5mph 3900lbs 
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