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One nice thing about the 700R4 (other than the overdrive) is the torque converter clutch. Eliminating the torque converter slip is significant when it comes to improving efficiency. Switching to a TH350C transmission or a manual transmission are other options for eliminating torque converter losses. I'm going out on a limb saying this, but I wouldn't be surprised if a TH350C combined with 3.07 gears might get better mileage than a 700R4 with 3.73 gears. When a 700R4 is in overdrive, the planetaries are spinning and generating heat. When a TH350C is in 3rd gear, there are no planetaries spinning. Of course you miss out on the nice low first gear of the 700R4.
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