I'm definitely going to be having this work done within the next couple of months. I've been on the fence about it, but now I'm convinced.
I don't believe that it will improve driveline loss more than slightly (perhaps 2-3% from the new torque converter). The dyno operator at Crazy Horse Racing said that he had his the tranmission in his race truck overhauled by level 10 to full race specs and to support over 800 horsepower. He said the shifting was great, but he was still losing the same ~28% when he re-dynoed his car.
But that's OK. I'm already putting down the power I want in spite of the losses. I've heard that going to slightly higher viscosity transmission fluid (and keeping the fluid cool with aux. cooler) will help reduce torque converter losses a bit... just FYI.