Shift Indicator Alignment

Is it the original linkage? 904 won't work right for a 727 and vise versa.

My 72 had a 904 originally. When I restored it, I bought and installed a 727. When I went to install it (using my 904 linkage) I had similar issue as you are having. Once I got the 727 linkage, it was easy to get it adjusted properly using the lower rod.