Econometrics, you haven't mentioned much about the type of pipe down to your pump or the HP of the pump or brand. I know this often gets a lot of side discussion that has nothing to do with water quality, but I'd imagine your 700' well probably needs at least 1/2 more HP than my 386' well. My pipe is Schedule 80 PVC with Schedule 80 PVC unions on 20' sections. My pump is a 3/4 HP Goulds pump that has done nothing but work perfectly for 13 years. I pump a measured 17 gpm sustained out of my house's outside hose bibs. I've never measured right at the wellhouse, but I'm sure it would be much more there.
I have an 80 gallon galvanized tank (no bladder) with a float operated air pressure bleed built into the tank. There is a checkvalve on the the pump side of the tank and a Schrader valve on the well head. At the bottom of the first 20 ft of pipe, the driller placed a pin hole. When the pump shuts off, the pin hole spews water and the schrader valve allows the water in the pipe to go down to the pin hole level while drawing in air. That way, only the water column in the pipe is head pressure on the pump when it starts again. The slug of air is injected into the tank where it collects at the top. With enough air at the top of the tank, the float valve will bleed off the excess air so that a constant air buffer is maintained.