I don't know everything obviously but I've been rebuilding them for over 30 yrs. (mostly 727's) and I pretty well know the best sources for parts and just can't seem to build a 904 for less than a 727, but I always figure in a converter with a billet neck which raises the price quite a bit. Maybe I'm overthinkg the converter issue, but I believe a lot of other guys also overthink the front drum issue with the 727. Is it necessary? In any race application, Yes. If your running a manual valve body with no low band apply, Yes. But in a 550 hp street car with a VB with low band apply I don't believe so. It is a saftey concern and a lot of guys get scared as soon as they see a picture of one blown apart. Funny thing is I keep seeing the same 3 or 4 pics of blown 727's. Not 100 or 1000. Not saying or trying to down play the issue, I just haven't seen proof that the problem is nearly as bad as it's made out to be.
I can understand a low torque engine could benefit far more from a 904 and if you have an early A-body a 904 is definetly the way to go.
This is just my back in 1970 opinion, LOL
BTW: How'd you get a 904 to bolt up to a big block?