Is your book on order the a727 handbook by carl munroe? That's a great reference bible. The Scout II factory service manual available from IHPA has a pretty extensive section on overhauling the 727 as well. There are others that will get the job done too.
An auto trans is basically a hydraulic pump, so pressure readings taken at the various test port locations in various gear positions at various engine speeds can provide valuable insight as to the overall internal condition of the unit as well as help isolate potential problem area(s).
There are some diagnostic pressure tests included in most service literature that are to be performed with the trans still in the rig. If you have access to or want to purchase the proper diagnostic gear consisting of at least one 300 psi wet gauge, 8 feet of hose, an npt hose barb fitting, a handheld tachometer, and two jack stands to get the rear wheels off the ground, you can take appropriate pressure readings and compare them to the specs in the service literature. A couple years ago, I built myself a two gauge pressure testing rig from an extra set of old oxy/acet gauges and hose lengths that I had just occupying space on a shelf in my garage. I've used them several times since then to great effect.
You could drop the fluid pan, make a nasty red fluid mess and maybe see something obviously amiss inside...or maybe not. Even if you did, the chances of you being able to repair the problem with the trans still in the rig are slim. In my previous post I mentioned a suspicion of either a governor or a valve body issue perhaps being responsible for the symptoms you're experiencing. Both the governor and the valve body can be removed from the trans without removing the trans itself from the rig. However, even if you were able to successfully diagnose and isolate your issue to either the governor or the valve body, there could still be other issues on the verge of cropping up that cannot be dealt with in any way besides a full blown overhaul. If you had knowledge of maintenance history that led you to believe the trans had been overhauled recently, that would be one thing. From what I gather, under the circumstances in which you purchased this Scout, you likely have little if any idea as to what items have been serviced and when. Sometimes the only way to know for sure what you're dealing with is to start from square one.