Noob question 727 really low shift points

"Ok, so when I got the car, I got nothing to go on, literally guy lied and said it was a 360, it's actually a 340"

I say lucky you, 340 is much better than a 360. Did you check the side of the block to verify?
Torqueflites are one of the easiest transmissions to rebuild. There are many books out there on rebuilding them. My opinion is that transmission probably has some damage since it was run low on fluid (for how long??) and the lack of KD linkage. Unfortunately it will require more than just dropping the pan to know the extent of the damage.

Yep, I verified that it's a 340 block. I wouldn't have been upset either way with the motor, I just don't like being lied to, I probably would have still bought the car if it was a 318, I didn't buy this car as an investment, this is going to be my daily driver and it's a throw back to my youth. I miss my 72 Duster in a big way, this is a very solid close second since I couldn't find a Duster that was in decent shape.

As for the transmission, it wasn't run without transmission fluid since I've had it, as soon as I realized it was empty it went to the transmission shop. I can't say what happened before hand with that or the kick down linkage, again, not being able to trust the seller, I'm flying blind on a lot of this. I don't know, I guess I might look at building one on the bench if I can find one really cheap though, depending on whether or not I can damage parts during the rebuild process, I would hate to spend money on rebuild parts only to break them somehow while learning.