I used that same kit many years ago when rebuilding my 727. You will need to purchase the low/reverse band separately. You will also need to consider if the bushings in your trans need to be replaced. They do not come with that kit. I did not replace my bushings and the trans ran OK, but I should have replaced them and had a trans shop press them in correctly. It was a fun project (rebuilt the trans on a dining room table while in the Philippines during a typhoon!). Lots of videos out there on 727 rebuilds. Take your time. Inspect every part. Lube as you go. Be sure the work area is REALLY clean. Have fun!
Edit: I had to make some tools to get the job done. If you have a press, then you will be ahead of where I was. The front clutch has a plate that must be depressed so you can remove the snap ring. That was the one that was the most challenging for me.
