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I don't do "quick reply" or "private message" except regarding ihon forum administration. Everything posted is public so that others May benefit (or not).
As for your particular issue described, what needs to be done is a transmission service.
A transmission service means...dumping the current load of oil and discarding in an appropriate manner. You must carefully inspect the debris which will be found in the pan and post pictures if you want help in making an id of the larger particulate.
Then do an r&r of the filter.
Finally...perform a complete band adjustment as described in this thread:
http://www.forums.IHPartsAmerica.com/transmission-tech/1315-t407-tf-727-band-adjustment.html
No doubt if that transmission has not been serviced in many years, the shift tower seals (n=2) are also leaking, now is the time to handle that detail also:
http://www.forums.IHPartsAmerica.com/transmission-tech/2043-t407-tf-727-diy-reseal.html
After performing the band adjustment, then verify correct "kickdown" linkage adjustment, we've discussed this over and over in this sub-forum. Adjust the throttle cable first, then adjust the kickdown linkage after doing so.
Periodic maintenance is required for any automatic transmission, the oem maintenance cycle was very conservative...but the vast majority of the ihc version 727 units still in service have never been properly serviced, these vehicles are 35+ years old!
If...after performing all the above recommendations, the transmission still has issues, it's simply time for a rebuild, no way to bandaid something that is worn out. What you describe is extremely common regarding any automatic transmission, not just a 727.