Update. Got slowed down as my steering box went south and I sent it out to get rebuilt. To refresh put a tansgo TF2 in my 727 and added a 4.2 lever. trans was not upshifting from D normally after (very high RPM or had to lift off pedal).

What I did:
1) pulled VB and checked everything inside. throttle valve WAS assembled correctly. Made minor adjustment to the stop holding the throttle valve cam. Everything else appeared to be dead on with the transgo instructions.
2) readjusted both bands
3) pulled governor (all looked good)
4) tested servos

Result:
Still not upshifting in Drive. Disconnected the kickdown linkage and pulled the throttle valve lever full forward.... can take the car up to 4500+ rpm and no 1-2 upshift. These are not WOT runs, but have the accelerator depressed maybe 1/4 of the way. If I back way off throttle (take my foot off the gas) I can get it to upshift 1-2 and 2-3. Manual shifting does help (get upshifts, but may still be late but definitely at lower RPM). If in D and take it up to say 3k then downshift to 2 it 1-2 upshifts instantly.

What to do now? Getting very frustrated.