What I learned from my experience with a non-lock, is the trans runs hotter than with a lock up. I only had issues pulling my trailer, but I had my 200 converted back to lock up and added the B&M controller. I'm happy with the temps now and would not have another trans built as a non-lock.
As an aside, I did have to have the rear gears changed from 3.08 to 3.42 for the lock up feature to function at an acceptable rpm. No idea what yuour ratio is, but that may be something to consider too.
I've had both, and prefer the lockup setup to get that extra 150-200 RPM reduction when it locks up at highway cruising speeds. Plus as Mitch said if you have the convertor locking up at cruising speed, it doesn't generate as much heat from slippage.
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Stan S.-Twin Cities 'South Metro'
1972 Malibu Convertible 2nd time around
2001 Mustang GT Convertible
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The other benefit, I forgot about, is you can run a high stall converter for in gear idling without excessive creep forward and have off the line performance but still lock it up at highway speeds to eliminate the converter from continual slippage with rpm below stall speed.
The B&M controller allows you to lock the converter in ALL gears, except first, for low speed street cruising. In my coupe, 3rd gear (direct) with converter locked is perfect for lower speeds like 30-45 mph, which allows a lumpy cam to be in it's "zone" but without excessive rpm.
This is great feedback, and just the pro's/con's I was looking for. With me being fairly rural, would be a lot of cruising to get to places, so lock-up would be a benefit for sure.
At this point I think I will plan on staying with my lock-up setup.