Hmmm... disconnect the lock up converter... I'm guessing this is either an AOD or AODE? Either way, a non lock up converter will in fact give you a better time on the dragstrip, upwards of 2-3 tenths in the quarter. And you can't just "disconnect" it, it requires
tranny disassembly.
How it works is this...
A lock up converter locks itself out in 3rd and 4th gears, relying on engine torque alone to power the car. This is why most automatic owners say the car feels like it falls on it's face at that time. It uses a 2 piece input shaft, one for 1-2 and then 3-4, they are prone to breakage if used with slicks and high rpm launches under heavy traction.
A non lock up converter multiplies the engine torque in all gears, making the car faster. It uses a 1 piece input shaft, and this is stronger than the 2 piece. It requires disassembly of the transmission to install the 1 piece shaft, the two are not interchangable.
The lock up, because of it's lock out nature, improves gas mileage. The non lock up decreases gas mileage but not by much. If you were getting 20 mpg with the lock up, it'd decrease to 19, maybe 18 mpg with everything else being equal. But it also gives back a lot more driveability over the lock up because it multiplies the engine torque. I have one and it's a whole different animal with the non lock up.