Engine swap 318 to 360
The heavier duty 727 and having the weighted converter are pluses. But more reasons
against the 727 are that you won't have to change the driveshaft if you keep the 904, you know the condition of your existing trans and you won't have to mess with the trans linkage & cooler lines.
FWIW, does the 727 have a standard, long tailshaft? Some trucks had short tailshaft transmissions and 2-piece driveshafts. But I don't know if that applies to vans as well.
'76 is before lock-up converters.