I think that is spot on. If your 727 is in good shape, and you are happy with the converter, then it should be less money to go with the Gear Vendor. The only labor you might incur is having someone swapping out the tail shaft if you do not want to do it yourself. You will have to shorten the driveline with either option, so the cost is the same there.
Now, if you need a rebuild the 727, the 46 RH might be less depending on the price to rebuild each. In my case, I was starting with nothing. I landed a core 46RH for basically free, so I am into it for the price of the rebuild, conversion crossmember ,converter, and controller. If I had found a 727 in good shape, I might have gone with the Vendor, but knowing me, I would of wanted to have anything I bought rebuilt anyway. Either way, you will like driving it more which ever way you decide.