727 No reverse or 3rd gear

Going to have to come out... I suspect the direct drum has issues...

Moffman wrote: ....Was not expecting this though, any tests I can do to figure out whats going on with it in the car? ...

Get the TSM or one of the aftermarket 727 rebuild books.  Don't be scared of it.  If you have any mechanical ability at all, you can successfully rebuild a 727 yourself.  It is without a doubt one of the simplest transmissions in existence.  The only point you have to get clever is compressing the front clutch to get the retaining ring out.  Shoot, I went through one successfully when I was 16.  As to your symptoms, I'm guessing you have clutch and valve body problems.  But that is just a guess.  Good luck.

Definitely could be shift kit issue.......most kits have you take out balls and sometimes machine between passages in valve body, plus change the separator plate.....do you have any idea what brand shift kit??  If you really want to kill off all possibilities before you pull it, drain it, pull the pan and drop out the valve body.....you need a manual, factory TSM will not lead you astray. 

http://theamcforum.com/forum/sick-727_topic38526.html

Just FYI, only the 73 TSM will be helpful, since the Torqueflights were introduced in 1972.  As 6PacBee and 1970390amx is saying, these things are very easy if you have mechanical skills......where are you at in New Jersey??  If you air check the servo's like the manual shows, that can give you some confidence that the seals are proper........not only look at the placement of the balls in the valve body, but there are two different diameters and I forgot to mention that a lot of shift kits have you remove the accumulator piston spring.  The key to working on automatics is CLEAN< CLEAN, CLEAN......clean work area, clean hands, avoid working in windy conditions outside, I probably use 20 cans of Brakleen during a rebuild.  One last thing, since you have driven it, how does the fluid smell?  Burnt?  If it does the apply servo seals probably have been compromised, but the basic air check will show up leaks.  Just another FYI, many automatic specialist say the 727 is one of the best trans ever built and as simple as it sounds, the filter is a primary key.  A lot of automatics from early days until today use more of a screen then a real fine particle filter...keeping the fine particles out of the valve body spools and frictions/bands, durable.  They can have a fatal problem if used in very abusive (high RPM and Drag Race) with front drum explosions......but they are rare and under those type conditions, there are billet drums, if you are running a 727 like that and are not aware of these limiting factors, you need to do more homework. For stock applications I will trade off the durability for the extra weight and horsepower it takes to spin it over the other smaller Torqueflights....but that is my personal opinion, every post 1972 AMC I own has a 727 in it.   I know of at least 4 Forum members that combined probably have rebuilt over 1000 of these 727 trans combined.......so plenty of help for you....and if you get really stuck I am not that far from New Jersey....was there last week for the Atlantic City Airshow.