727 3rd gear feels more like a down shift

Awrigt, now I have a mental picture; nice numbers. Very nice. The trap speed calculates to around 620 crank hp, and the ET is indicating 605 hp! So that's a pretty sweet tune.
I agree with your diagnoses, but am struggling with it being OK under power.

Thanks for the compliment AJ. Perhaps it is still hanging on when I'm making a pass but it powers through it, I'm not sure. I did have a shift cable problem early in the year, it got too close to the header and burnt. There was none available at the time this happened but I was able to free it up and re-use it. Perhaps it is still a bit stiff and the shift spool valve is not making it's full detent? I will be checking that. At this point I'm hopeful it's just an adjustment like dgibby found.
The trans came with the car but it was supposed to be fresh, built at Protrans, fully rollerized and 4 gear planetaries, although I haven't had it apart to confirm all of this.
I visit this site frequently and also a member of FBBO. I was in Moparts forum searching for threads on this sort of problem and came across one where it said that in FABO there's some expert transmission members here so I came looking and ended up here.
My dyno numbers are 720HP/677TQ,