727 clutch pack question

That is normal if it's a snap ring and would have been found in the forward clutch pack (rear position with input shaft attached), If I recall. During disassembly, you have a snap ring, a flat pressure plate, clutch discs and steels (number varies by trans), a pressure plate that is flat toward the clutch discs and has a rounded protrusion that sits again the belleville spring. Once that stuff is out, you find your wavy snap ring, then a plastic/fiber spacer, then the belleville spring, and now the drum comes off the input shaft. That wavy snap ring is not included in rebuild kits usually, and replaced pretty much when damaged only, except when using the kits that remove the looseness found here. There is another wavy snap ring holding everything in, first part removed, in the high/reverse drum (front position in trans), but no fiber washer there. Completely normal in both positions, and usually listed or depicted as wavy in the factory service manuals. Never seen a wavy steel plate in a 727 or 904 between clutch discs, but who knows if someone was playing with clearances that way.