R46re is a pcm/trans controlled transmission, The older 518 46rh, use a governor /tv cable like a 727 for shifting.
When you start throwing big power , you need to upgrade with 48re hard parts , better alto red clutches, better bands, etc. You can throw some big money into one.
I would contact someone that knows the 46re vs the 727 and can answer your question as to what to meet your goals.
Contact : http://www.aandatrans.com/
Rick the owner can direct you in the right direction. He knows his *hit