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Here's a reverse manual 727 non LBA question.

I've launched at the track before with my hand on the shifter and right at/after launch it goes into second. (the shift-r-gate doesn't work every time as I expected).

I pushed it back into first (still under full throttle).

Is that a problem?

IMO that is a No No
You might just have company in the drivers compartment downshifting to first under full throttle with no LBA. Trans tunnel exploding and spraying you right foot with transmission parts.
Perhaps you should fix your shifter!
Ive ran nothing but reverse manual valve body's in all of my auto Mopars, and that is quite a few Mopars!