727 slipping in reverse when hot

Manual low has the L/R band applied, same as rev, so it does not slip there, band adj should be ok.
Otherwise, probably a valve body/stuck valve problem.
Pretty sure the TF requires additional line pressure for rev operation. If so, a worn pump maybe the cause.
Manual low has the band applied but if the band slips you still have low gear because the sprag with prevent the rear drum spinning in one direction... But engine braking reverses rotation of the drum so that is when you'll see the band isn't doing it's job... Well, engine braking... And reverse...