The 727 transmission is hard to break. If the seller says it will "probably work" then it "probably" will.
Unless you plan to go ahead and tear down and rebuild the 727 transmission, you're gonna have to road test it to determine if the seller was right, if it leaks, and/or if any further service is needed on the transmission. Of course, you'll have to take it out again to do any major work on it.
You can test some of these things with the engine out of the vehicle on a stand or bench. But you cannot, in my opinion, test the transmission very thoroughly. You would want to road test to determine if is shifts properly, malfunctions when hot, and other key indicators difficult to do on the bench.
If you have time on your hands, and there is a wait before your engine and tranny could be installed for road testing, you can just go ahead and rebuild the 727. It may seem intimidating, but its pretty easy. Easier than an engine, I think. For some, seeing it done, or reading a book can help.
I've recommended this book to others:
Chrysler TorqueFlite A-904 & A-727 Transmissions: How to Rebuild (Workbench How-to) by Tom Hand
Amazon.com
Once rebuilt, she can sit until ready for road testing with some level of confidence it will work right out of the gate.