Well, new developments...
In discussions about alternators and voltage regulators, I've determined I have a failed diode in my alternator as I can measure 32vac at the battery (yes, AC not DC)...so a PA Performance one-wire is in my future.
I dropped the trans pan, and found a lot of stuff...magnet had a lot of fuzz, a lot of sludge, a few flakes of aluminum, but no brass. This is bad enough, except that the filter had been crushed when the trans was set/dropped on the pan at some point and that in turn caused the filter to come apart...the PO had told me he just changed the fluid to Royal Purple, but clearly the pan hadn't been off in a LONG time. The fluid wasn't that bad...
I did adjustments, found the front band took five turns to get snug and the rear band took four turns to get snug...so they were loose, worn, or incorrectly adjusted. Both those were snugged to spec and backed off 2 turns.
I adjusted the kickdown adjustment (got it down to that 1-5/16" spec from the FSM, took about 3 turns) and the put about 1-1/2 turns on the line pressure.
I used a new Dorman pan for a 48RE, which gave about an inch more depth, installed a new filter, filled the pan with Schaeffer's SAT, and done. I made a removable plug for a temperature sensor...took a 9/16" bolt left over from my steering box brace install, drilled, tapped, and cut it to length.
I can't really see any difference, it's not any better but it's not really worse. I was hoping to raise the shift points about 10mph and make it a little more driveable. I might play with the kickdown linkage and see if I can make a difference.
I have a spare 727, I might try my hand a rebuilding....