to tow or not to tow a 727

What does your rebuilder say?
You could disconnect the DS and secure it away from the u-joint saddle, up and forward so it can't fall out of the trans. Don't forget to block the wheels as "park" will not be.

FWIW, I've seen a lot of rwd cars towed. I don't think I've ever seen the hook guy disconnect the drive shaft.