727 vs TKX

hello FABO, I originally had plans to build my motor up in order to obtain better performance (340 with a 727 stock converter with 3.23 posi) I was suggested to upgrade my transmission, gearing and suspension first to get all the power from my engine to the wheels. He had suggested a tkx 5 speed swap along with more aggressive gearing in the rear.

My question is: how comparable is a higher stall converter along with streetable rear gears compared to a full 5 speed swap?

(Note: this is not a fully built race car, I am looking for something can compete from streetlight to streetlight and occasional highway pulls while maintaining drivability)