If my 727 shifts too soon, and too soft, which way do I adjust?

That's exactly what I did, in your 2nd paragraph. Now, I'm trying to fine tune it. But if I make the sliding rod longer the butterflies won't open all the way, because I've now hit the hard stop on the transmission itself. I believe I've got to make the rod down there shorter?

If you make the rod shorter at the trans it will put you right back where you started, only you will have made the rod incapable of ever being adjusted right.
If the TP linkage is all the way to it's full travel and your shifts are still too soft and early something else is wrong.
Do you have access to a gauge to put on that thing so you can pressure test it?