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First, I've put synthetic (personally, I've always used AmsOil brand, so I can only report on that) in all my transmissions when I get them, and I've never had any leaks springing forth because of that (same with engine oil and differential "grease").
The IPD method is based on a kit they sell which is essentially a hose with fittings that match the threads of the connections -- but you can substitute a length of ordinary hose and a clamp. And you'll need a suitable (i.e., narrow-necked) funnel to fill ATF into the dipstick tube.
And it entails the following. Remember though that my description follows a 240, and your 700 may be a little different (as to which line is which).
Unfasten the upper (the return, towards the transmission) line on the transmission, being sure to use 'flare-nut' style wrenches for the surest grip and using two, one on the line's nut and another on the base of the radiator fitting so you don't put torque on it and snap it.
Put the hose on the radiator's fitting (that would otherwise return fluid to the transmission) and let it drain into a gallon jug (preferrably clear -- e.g., a water bottle -- so you can watch as it fills and note how much has drained out).
After you've warmed up the engine and transmission (warm, and just circulated ATF is better for flushing, as the dirt will still be suspended), and you're ready for the process:
1) start the engine and let it idle as fluid (approx. 1 qt./30 sec.) collects in the bottle up to the 2 qt=1/2 gal. level.
2) stop the engine, and pour two quarts (exactly replacement volume) into the dipstick tube.
3) repeat steps (1) and (2) until you've replaced 16 to 20 (better, for the first time if you're changing to synthetic). If your original ATF isn't already cherry red, you'll start to see a change (if you're using clear water bottles) in color of drained fluid by 12 quarts.
That's it. You've finished. Just reconnect the line to the radiator, and you're all set.
But be sure to check the fluid level, too (in case you haven't already checked it).
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