727 reverse failing.

Hi out there.
I have a 1964 727 Torqueflite auto box which has just started to lose reverse gear (almost completely gone).It had being standing for many years. I have filled and drained it a couple of times before running under load. I'm just a regular guy so no heavy technical answers please. I have looked at other threads on this subject and have seen many different answers. None of them has mentioned something that I have noticed in my situation which is coupled with the reverse going. The oil level in the dip stick/filler tube is very high up inside. 3" above full mark. Way way higher than it should be. Could this be an indication as to whats going on. If I was to guess I'd say I have a blockage stopping the oil from recirculating back into the system therefore backing up. But it may well be something more onerous. Any help would be appreciated. Thanks.
Hi bud. You definitely have to check the fluid when it's at least warm and on a level surface. If your park break doesn't work just block the wheels. If the fluid checks out ok then take the car for a drive. Does it shift to second and third? If it does then slow down to about 10 miles per hour and manually downshift to first gear, you should feel the engine slow the car with a jerk like you hit the breaks. So if you have good up shifts, nice and crisp then your forward and third clutch and your second gear band are probably good. If you don't have engine breaking when you shift to first then you may have a cracked or burned low/reverse band or if your really blessed it could be a blown low reverse servo seal. I replaced quite a few of those in the 70's and 80's. Hope this helps sir.