I upgraded to a 47RH when my 518 finally wore out. PM or email for all the gory details.
ATS has a decent controller in their Commander product. It allows you to control an RH or RE, and integrate the exhaust brake function into a single button operation. If you have a laptop computer or access to one the interface to the controller is windows based and allows the user to configure all the paramters and tune it to personal likes.
With the Commander you can go to the RE series transmissions by using the VB that is sold with it. The controller is now a generation 2 product so alot of the bugs have been worked out but it is a new product for the stand alone operation so there may be growing pains.
The RE series has a shorter OD section so it may be close to a wash by the time you add in the converter. If you go with the RE you will more than likely have to upgrade your t-case input shaft to the 29 spline. Its tought to tell for sure but it looks like when the RE was released it shared the same spline count with the manuals. In a 4x2 the upgrade is a lot easier.
If you use the 47RH you can use the 518 OD and not have to mess with the adpater. Not positive but I believe you need the use the later model adapter to bolt up to the t-case. That needs a little more research to nail down.
The 518 can be built into a tough transmission and with a better converter it is definitely a contender. The problem I have with that approach is spending as much on the 518 as a 47RH and not having the lockup TC.
It will be a matter of personal choice, and probably $$$, which one you want to go with. Just letting you know it is relatively easy to do and the parts are readily available. Good luck on your project.