Saw that great article on torque converters from a previous post. I noticed that if I get on it she shoots up 5K+ RPM at a blink of an eye but it seems like I am barely moving, then she takes off pretty good, no wild tire burning or anything. I am not used to the correct feel of an automatic with a performance type car.

Is my converter shot? trany shot? or is this normal for these cars?

If you're turning 5000 rpm, and "barely moving", then there is something rotten in Denmark.
A torque converter will "flash" to its stall speed when you "power brake" it, but in a street car, a stock converter will only stall around 1000-1200 rpm. Your description is a little vague, but it appears you might have some slippage going on, but I don't know where.
A high stall converter will feel like the trans is slipping when you take off, normal driving, but if you haven't had a stall t.c. put in, then you shouldn't have that symptom.
Does you trans fluid smell nasty?
Are there any unjujual noises?
Does it work differently when it's cold than hot?

Transmission fluid smells and looks fine, no strange noises. During regular casual driving everything seems fine, accelerates fine nothing strange.

This car has 110K miles on her and still original trany not rebuilt. I guess I am trying to evaluate how much a rebuild and adding a performance torque converter will help performance if any.

You might very well have a tc ready to part way with the car . They normaly make a whinning noise, but not always. The sprag(one-way clutch) inside by be slipping a bit under heavy throttle.
At 110k, it's been a good one, and well taken care of!
The 350 is a good trans, and they can last a long while, if maintained properly.
While you might see some improvements in fuel milage(can you say $2.95 cents per gal?!), I doubt you would get any real "seat-o-the pants" gains with a rebuild, even with a performance t.c. You can make it shift better, and reduce the heat inside with a "Shift-Kit", but I would stay away from a higher stall tc. unless you plan on doing a rear(diff) gear swap, or some engine mods to boost the engine output.
Gm did use a hp t.c. for the 350; it's a little higher stall speed than stock, with some hd internals to help keep it together. There is some info on this in another post about torque cov. here.

link to post on T.C.

Yes, I know this other post was about a 350C, but the info is the same, just a diff. pt.# Adams' Apple38559.8769444444

The only other question is, are you sure the converter is stock?  It may be an aftermarket high stall speed converter.

Not sure if the converter is stock but this was a one owner car before me and he was very particular with staying with original parts.

I guess if it is not broken I shouldn't repair it. OR maybe if it is not broken I should keep working on it....

Thanks for the replys.

 

FLA VETTE38574.8351157407