I was going to refer you to the Bow Tie Overdrive site for some reading to determine the proper pressure ranges but after looking a bit through there, I didn't find any recommendations! Should be there, but I couldn't find 'em.
I know they ( Bow Tie ) and others recommend using the gauge to properly setup the TV system on your 700r tranny, however many others out there don't feel it is absolutely necessary, especially for a driver ( i.e. not high performance race application ).
Some others here will chime in I'm sure, but in the absence of sound pressure advice, my 2 cents are to adjust the TV cable so that at WOT it is fully pulled tight ( full pull away from the transmission at the carb linkage at WOT ). Test drive the truck and adjust the thing from there to get the driving characteristics you want.
You'll want to have the ratchet type adjustment thingy there at the carb so you'll have the small incremental adjustment "clicks" available to you for the fine adjustments post WOT setting. Bow Tie and others sell them I think.
Here's a discussion that may lend some cred:
https://www.corvetteforum.com/forums...st-method.html
Here's a discussion on this board that has some pressure guidelines:
http://67-72chevytrucks.com/vboard/s...d.php?t=526152
Hth,
-klb