Yes if built correctly. How much you have to build it will depend on your intended use, obviously if we're talking a drag strip only car with a 4.56 and sticky slicks it will take more building than a street only car with BFG T/A's and 3.23's.
Thanks for the reply's, I am taking it in to get checked out. The trans does not have positive shifts, like I remember Torqueflites and bangs into reverse. It has been a long time since I had an automatic trans... Thanks again