Trans Fluid to Use?

We have a member here who wrote a book on the 727 and is pretty knowledgable on it. He recently rebuilt my transmission using all the good parts that he had stashed around his basement. When I eagerly asked him what fluid I should run, he told me to go get a case of the cheapest Dexron III that Wally World has. This is for a street car that we beat on pretty hard. When I questioned him about buying some fancy expensive fluid, he simply said it wasn't needed.
That's exactly what I did after hearing the stories of how some big city fleet called for 30 weight in the motor and 30 weight in the transmission to make it easy! I'm surprised that story hasn't surfaced in this thread...