700R4-Function As A 3speed(TH350)??

I have a piecemeal truck with a dead th350 and access to a 700R4 and was wondering if the 700R4 will work as a 3speed if I dont want to go to the trouble of connecting/reworking the wiring to get the convertor to lock up. I realize the trans mount will need to be located rearward and some of those swap issues to work out but I was wanting to use the cheapest alternative to get the truck back on the road and I have a free 700R4. I also understand that the first and second gear ratios on the 700R4 are pretty widely spaced. Any comments? Thanks!