Tf-727 Forward clutch drum

The first pic you show with the key pointing at the mark worries me .
I’m not certain how it would work out .

The other pic of the other side is beyond where the band rides,,,it shouldn’t cause any problems .
Myself,,,,if I was using this transmission for a performance application,,,I would replace the drum .
If it was a high mileage daily driver,,,,,you won’t ever hurt the new band .

I would use some 400 grit cloth,,,,and then go with the Scotchbrite .
At least hit the rough patches with the 400,,,,,and then polish the rest .

Tommy