904 to 727 upgrade.

I have to agree with you. With most small blocks, you don't even need to build a 727. Just replace the seals, filter and fluid, adjust the bands and kickdown, get a good converter and enjoy.
If you choose the best version late 80s lockup version, it has all the heavy duty steel 4 pinion planetaries.Find a slant 6 trans for the input shaft and forward clutch to convert to non lockup and it will hold up very well. Your likely to break that 8 1/4 rear end before you break the 904.