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My TH350 was one of the first things I really did with my car. My father is a lifelong mechanic but the last time he did one was over 20 years ago. Together with a good manual and a fair amount of time we did it all in the garage. I learned a ton and the process was centered around taking things apart and putting them back together the same way. I'd say go for it, mine is still going strong. I got a kit from Trans-Go because they've been doing this sort of thing for a long time. I think it set me back around $100 and with a torque converter I wasn't more than $200 when all was said and done. Believe it or not heads is the next project I'm looking at and it has me kinda scared.

I also don't think you'll have any problem putting that much power though it for the summer. Though over a long period of time with some hard driving things would wear faster and there is a risk of breakage.

Good luck.
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