700 hp or less has no place in this conversation. You don't need anything other than a slightly beefed up 727 for that power level. Traction shouldn't be an issue no matter what tire or suspension you have for only 700 hp. twocents

CHIP
'70 hemicuda, 575" Hemi, 727, Dana 60
'69 road runner, 440-6, 18 spline 4 speed, Dana 60
'71 Demon, 340, low gear 904, 8.75
'73 Chrysler New Yorker, 440, 727, 8.75
'90 Chevy 454SS Silverado, 476" BBC, TH400, 14 bolt
'06 GMC 2500HD LBZ Duramax