don't know on the 4.1 but on the 3.23 with 530HP I would have enough time to use the 2-3 GV overdrive shift... you have a big RPM drop from 2 to 3 (about 31%), shifting with the GV I could think would help to keep the engine in it's powerband. The converter (mine at least) got a stall fo about 3500RPM, but I shift at 6200RPM. With the GV it would shift down to 4800RPM vs. 4300RPM with the regular 727 shift. PLUS, you got also more torque on at the rear wheels because of less shift ratio.
If it's possible is another question, I worry specially about the 2OV to the 3rd gear. You have to turn it off and shift into 3rd, but if you turn it off BEFORE you are shifted, then KABUUM!
I was thinking to install 1 big switch on the GV solenoid, no electronic, the GV electronic is junk. So you can turn it on and off when you want, not when the bad electronics want...