Here is the correct circuit for the 700R4 torque converter lockup.
Bowtie Overdrives
It is quite simple being the transmission itself still does all of the actual desision makeing as to when it needs to be done.
I had a chat with a few of my Professional gear head buddies and they had no rational reasoning to how the circuit as you proposed it to work would benefit anything or even be useful.
Having the torque converter lock up other than when the transmission itself dictates it will eventually damage the torque converter clutch and torque converter and the transmission.
Having to turn on a second fuel pump for that size of engine makes no sense either.
If your fuel pump is working properly you would never need a second one to turn on during acceleration. The low budget electronic diaphragm ones will still feed well over 500 HP and so will the tank mounted electric units and the old engine mounted mechanical ones as well. So that application is highly doubtful as well.
Shutting off the fuel pump on a carburetter engine wont work as a rev limiter but will create a very lean burn condition that can burn valves and melt pistons when the carburetors internal fuel reserve drops below a point where the jets and metering system start sucking air and fuel vapor. This causes extremely erratic combustion and often detonation in the engine that will eventually cause catastrophic damage to the pistons and main bearings and can even break connecting rods as well.
Provided the fuel in the carburetor didn't some how already supply enough energy for the engine to have already flown apart.
According to them the aftermarket electronic ignition systems with built in rev limiting do not turn off the ignition but instead they greatly retard the spark and many now skip fire the cylinders so that they dont have cylinder wall wash down issues. The full turn ignition turn off design hasn't been made or put into practical aplication for over 20 years.
Their other theory was that its not nitrous related either. Turning on nitrous is done differently and under far different engine operation conditions according to them.
Overall their conclusions where that whenever someone cant find a aftermarket product that can do what they think they need done they usually dont have any solid of understanding of how things work. And when that person wont explain what they are trying to do and why it likely because they dont know what they are doing.
Auto tech guys by nature love to talk theory and application stuff. The ones who are secretive about why they want some mystery device usually want it because they dont know what they are doing or talking about or are working with well debunked or misguided fuel saving concepts like the HHO and similar para science voodoo.
I work with alternative fuels and I have ran some crazy ideas past them before about how to modify factory and aftermarket equipment parts well beyond normal and convectional applications and they have always been more than willing to help theorize me through to a working end concept.
In gear head land there is no conceptual theory that cant be taken apart and reworked into the correct end result if the person who has the idea is willing to listen and learn.
But they always need to know what intended end result is first whether its practical or not.