My dad has a 96 silverado with the 5.7 and 4L60E. The transmission is slipping in and out of OD but doesn't do it while it has fluid(of course) but we aren't seeing where it's leaking from and it's starting to have a little chatter.

So my question is what all is involved to go from a 4L60E to a 700R4 in his truck?

 

I believe that the 4L60E is the electronic version of the 700R4 but there are "electronic" differences that I am unsure of myself. I am thinking the PCM or BCM programming and and things of that nature.

 

Get what you have rebuilt or find an equal replacement for your current transmission. Going to a 700R4 IMO is not the solution here.

 

I figured it would just be better to get the 60E rebuilt.

 

+1
Ya, Tim is right. While I don't possess tranny knowledge like Vince, 60E is electronic vers. of 700R4, yet I too don't remember electronic or hard part differences. What I do know, '87-92 are the better units tho. That said, I'd follow Vince's advice, I trust his judgment 100%.
I don't think he'll steer u, me or anyone else on this forum wrong.