Correct me if I'm wrong. I thought the cable setting was pulled all the way less 1/16th to 1/8th with the throttle at WFO for a 700R4. Can't bottom it out in the trans, that's what the slack is for.
The tricky thing is that if the travel is wrong, because it's not an OEM setup, then you can have the correct setting at WOT, but it will be way off at part throttle, and fry the transmission.
As long as you have the correct geometry on the linkage, the shift points/trans pressure can be adjusted. If the geometry is off you are probably inducing extra wear on your transmission. The cable should have a slight bit of pressure on it. Not enough and it shifts to soon and burns up clutches. Too much and it shifts too late.