Input shaft and tail shaft seals. If it has fluid in it now, that's a good thing. You could install it, replace the fluid and give it a shot.
If I remember right, late 60s (like 68-69) Corvette might have had a slightly lower first gear... but I haven't been involved with those is a long time. The TH400 was used all the way back to 64.
up to 65 Turbo 400's have the good low drum sprag for a trans that may use a trans brake to launch off of, along with the good interemediate sprag that is great for slamming and hitting 2nd gear real hard. You didn't get the good low sprag drum thru 69 which is rarely needed, but thru 69 you did get the good intermediate sprag drum for slamming 2nd which is needed in many cases for racing. So that 68 trans should have the good sprag you need and it about 40% stronger than the roller sprag. So I'd go with that 400 for $100 and that good drum is a steal. I see that good intermediate sprag drum alone selling for as hight as $300 without the sprag. The sprag is another $75 or so. So that 68 400 I'd say is ready to go as far as the hard parts for strength. Then a basic good quality rebuild should do the trick. I doubt you even need the Red Alto clutches. Just go with good Raysbestos clutches in a kit, a new band, filter and run it. If the trans fluid is a nice color run the converter too. Converters don't have seals in them that go bad to worry about how long its been sitting.
I happen to have one of these variable pitch T400 out of a 67 Olds that was behind an Olds 425. Go ahead try to talk me into selling that one !!! Not gonna happen !!! I look forward to building it to put behind an Olds 455 in a Square Body 80's Chevy. And a toggle switch for the variable pitch. Stock stall up, push the switch down and have 1900-2200 stall.
Many of the Buick, Cadillac, and Oldsmobile THM400s produced between 1965-67 were equipped with a torque converter that incorporated the Switch-Pitch variable-pitch stator, which is sought after by collectors and drag racers. These can be identified outside the vehicle by a noticeably narrower front pump spline. Externally the SP version has two electrical connections, where the non-SP THM400 has only one.