727 and 904 valve body swap?

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Physically yes. You can bolt a 904 VB into a 727 Trans & vice versa. The parking pawl rod has to be changed because they are different.
I would be very careful doing this, as each valve body is calibrated differently dependng on vehicle application & may present unwanted shift characterstics.
 
Recently I rebuilt a 904 for my Cuda and had a stack of 727 valve bodies and went through them and ran into one other issue present on all of them. Where the VB bolts to the case there is one hole that is elongated. All 727 valve bodies I have seen use a transfer plate between the body halves that is only drilled to fit a 727. You have to take the VB apart and elongate that hole so that last bolt will bolt into a 904.
 
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