The plate kit and the valve body basically perform the same functions, as I understand it. The plate is cheaper, initially I thought it was easier to install but I think they are about the same.
Like BlownF150 says, I also know a lot of folks with both of these Factory Tech mods (as awell as some Monster Box owners) and I think you'll be happy with the results.
I'd go the Factory Tech if I had to start over.
My buddy is a distibutor, here's what he says about them:
For those with the AODE/4R70W/4R75E transmissions, Factory Tech now makes a separator plate kit that lets you change the shift calibrations to a more performance feel and also allows you to return the unit totally to stock. And it’s very affordable compared to most shift improvers including our previous 4R70W/4R75E Main Control kit.
The secret is instead of getting a different Main Control Valve Body; we make a shift calibration plate that replaces the factory one. The factory plate is not available by itself from Ford and if you install a kit that requires drilling, and want to return it to stock, you have to buy a whole new Main Control for over $300 from your dealer.
There are 2 models; the “B Plate” is for AODE and 4R70W units from 1996 through 2000 model years, the “C Plate” is for 4R70W and 4R75E units model year 2001 and up. Both come with new accumulator pistons, a new spring that does not need to be installed but can be for a firmer 1-2 shift and gaskets, everything you need except a filter and fluid. Also includes easy to follow instructions.
Note, we do not recommend using this method to modify 1992-1995 model year AODE transmissions, there are just too many things about the early models that require more extensive modification; you can use a Factory Tech 4R70W Main Control kit to update your transmission to the newer Main Control for most models.
Q: so is this a mod that is done w/o the valve body mod? if it is, are there pros/cons to having the $225 valve body vs this plate kit?
A: No benefit to either, just a different way to achieve the same end result.