700R4 Build question

I am replacing my 4L60E tranny with a 700R4 I picked up at a local junk yard. I have heard from several local shops and also from the tech guys at TCI that most everything from the 4L60E (excecpt the solenoids, valve body, and case) is able to be placed in a 700R4. I hope this is the case, as it would save me a good deal of money. Does anybody know if this will work or if its just a ruse?

Thanks in advance.

You can get into a lot of problems there.