727 leak @ tailshaft when on jack stands?

Another area to check is at the plug inside the slip yoke (see picture below, yellow arrow is pointing to the plug). I've had this happen and it can appear as a leaking seal. You would need to really clean off all the old tranny fluid (ensure it is dry) and raise the front of the vehicle and recheck for the source of the leak.

x2 - beat me to it...