The foundation for a 5.7 Swap

Only the car (LX) or NAG tranny needs wheel sensors and tone rings, not a truck tranny (545RFE). A good used 545 can be had for around $600, and can be controlled by the stock ECM, allowing shift changes and other mods via a Diablo tuner. The only drawback is tunnel modification.

I agree 100%, I did not mention the 545 because the OP did not mention running it. He was talking about the car transmissions.