That sounds like a great deal! ATS has done all the difficult work, in the engineering and manufacturing of the TC and in the calibration and drilling of the Valve Body. Should be sweet!
I got to watch my 47Rh getting gutted, cleaned and re-built and I even got to watch them cut open my old TC--it was a little tired! It was really fun watching them rebuild my trans. I learned an unbelievable amount of information about trannys watching and asking questions. Your friend is doing you a HUGE favor.
Call Clint, and put him in touch with your buddy.