The 727 does not have OD. The 727 trucks were equiped with 3:08's axle gears for that reason. With 3:54's you would top out against the governors around 60 MPH maybe.
Explain better T case options.
The 205 used on that year truck is a passenger side drop. Your truck takes a driver side drop. The 205 will bolt to the current trans you have. The 47RH trans used in the 94/95 year models is a trans that is used in 1st gens as an upgrade.