If the 700 engine is ported and built up(ported cylinders, ported case reeds,etc., they will gain some hp from using the 38mm carbs.
Around 5-7hp on top depending on how built up the rest is to take advantage of the increased airflow, it all (engine work)has to work together.
As far as unplugging the tps will make the temp light blink constantly, you can either plug the tps in and set it to wide open, and zip tie off to the side or use a psi tps holder which has a cable attached to it and operates the tps off the throttle , the tps doesnt affect the wide open curve at all. if its more of a race sled thats what I do. There was zero differance on the dyno moving the tps in differnt spots on peak hp output.