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No!

And... when you go to weld the ends, spot them at four places, and weld as you would on sheetmetal, dont try to run a contenuous bead at one time!! alternate as you go!! After you are done, the bar should slide out pretty easy. If the housing warps slightly, you can heat and quench the tube to...

Same length, but the 70 will have a slip yoke, the 64 may have the ball and trunion flange on the rear. As long as you have the proper driveshaft, either will work

904 IS NOT the same length as a 727. If you have a 904 now, (most likely) you could swap in the v8 904 and it will all bolt up, driveshaft linkage and all. If you go to a 727, you will need to shorten the drivshaft, as the 727 is longer. Its a pretty easy deal either way.

For the cost diff, how much fuel could you buy, and how many years would you have to drive it to just break even cost wise?

Actually, if you go from a 727 to a 904, you will need a LONGER driveshaft, and the small slip yoke. I personally dont like TCI converters, you would in my opinion, be better off with a local rebuild, and a quality converter. Like a Turbo/Action, I have had good luck with those.