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i don't have one but i here people use them to get more power because when the T/C is locked the tranny isn't slipping, and it can also help a little with MPG's aswell. Try the search feature, i searched this topic no to long ago and found some usefull info.
I have heard the advantages of this, and I sure would like to try it along with someway of making the EBPV work as an exhaust brake too, but everything I have read makes both mods sound really difficult and with the luck I have had lately I would pay someone to do them. You need the TC locked up before you can use an exhaust brake anyway and seems like the exhaust back pressure valve is the way to go....any other input would be helpful....but from what I have read, the TC lockup is a big advantage in pulling and keeping your tranny temps within tolerable limits....
I bought a gizmo on ebay about 4 years ago. It does both things. You can close the butterfly valve and or loc the TC. Its a three position switch. EBV/off/tcloc and ebv. I think it was about a hundred bucks and was very easy to hook up. Finding the right color wires was the hard part and the directions with it made that easy. The EB will work without the TC Loc but it kicks out at a higher speed. I forget but maybe 35mph or so. With the lock up it will hang in longer. I don't use it much. Only on steep down grades. Put the tranny out of OD, close the EBV and it will help you stay well under control with very little braking. On the really big hills I might go down a gear. Watch the tranny temp. My trailer is 13000 or more so it's a comfort to have. Look on my signature I think I have the name there. Hope this helps.
i would have to say it's one of the most-used mods on my truck, that is optional. i love mine, and with my crappy TC-locked chip, i use it alot. i use it on acceleration, and even deceleration to hold you back. dont you hate how whenever you tap the brake while driving, the engine slows down near idle, and there is no more engine braking holding you back? the TC takes care of this, i even shift down to 2 or 1 sometimes to hold me back. it really saves my brakes.