#1 Yes
# 2 No But if you plan on leaning on it there are many new upgrades available now that were not available back then.
The 727 was available on any 340, 383, 440, or 426.
The 727 was about the strongest automatic gear box made.
Why the question ? The best thing to do would be to beef up the whole driveline. The saying that a chain is only as strong as its weakest link is so true. Torque convertor, bands, steels, planetary, valve body, sprag, kick down, seals, u-joints, driveshaft, differential, etc... It just keeps going.