Definitely! They're known to be very strong and well loved in the racing mower community, there's a internal gear swap upgrade for more speed as well, I believe it's known as "082" (700-082)
@Hillbilly mowers Depends, there are Some that have 2 forward gears and 1 reverse, then there are some with 3 forward gears and 1 reverse and there is a version with 5 forward gears and 1 reverse gear.
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@Hillbilly mowers So..... i just looked onto the gearbox case and could NOT find a plate that has the transmission number on it. I got to take the gearbox out anyway, so i'll look at the bottom of it tomorrow..... Here you can see some specs about the transmission, and the info, that the transmission can have up to 5 forward gears: https://www.peerlessgear.com/wp-content/uploads/2020/08/700-Series.pdf
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@Hillbilly mowers So.... I just took a close look on my peerless 700 5 speed gearbox housing and could NOT find any Plate that say the exact model. If you want to order one of those gearboxes, i would get the 3 speed.
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There is a multitude of 700-xxx that are 5 speed. If and when you go to find one, the person selling will have to tell you. Someone could easilly change a 5 speed to a 4...3....2.... heck even a 1 speed just by replacing gears with lockouts. So, like I mentioned you would just have to ask the person.
PROJECTS: Marshal ........................93 Craftsman GT6000 Red Bandit ...................72 Wheel Horse Raider 12 Dirty Rat........................77 Sears Suburban Bowser...........................01 Murray Widebody LT The Green Machine ....1990 Craftsman II GT18 Other projects