I think my 727 is fried. Now I'm at a crossroads...

If the fluid got hot and boiled over, it would seem like a blown front seal. Is a cooling line kinked? Drop the pan and look for dark fluid or crud in the oil pan. Worst case; needs a front seal. Pull the valve body and pump out to inspect the foward clutch and direct one too. Leave the clip on the front of the output shaft and don't go any further back. Just the two front drums, pump, and front band. Fix it an put it back together.
Funny you mentioned a cooling line, because I slightly repositioned one of the lines yesterday. It was too close to the crank pulley and showing signs of leaking at the radiator. After tightening it and repositioning it, it had a tighter bend than before. Maybe that was it?