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Yes, it's a good trans. It will cost you close to what you could buy a brand new truck for to install a TorqShift behind a 7.3L. Anything can be done, it's all about how much time and money you want to spend on it.
About $800 for the adapter plate, and another $850 or so for the PCS controller, plus the cost of a 5r110 (stock or built, it's your choice). So yes there are extra costs associated. Then there is the learning curve to getting the programming set with the PCS controller. Most people who use the PCS say it's great and allows much better control than what can be done through the PCM, but there's plenty of room in the programming to screw things up.... especially on the TorqShift.
A fully built 4r100 is a great transmission. For me it's not worth the extra cash for 1 more gear. Hardly anyone has done the 7.3L/5r110 conversion yet. There are some TorqShifts behind a few Cummins conversion trucks.