I had the exact same problem TWICE in my life of racing with a 727 transmission.
The problem both times was the converter...
My issue was getting them too hot after so many footbrake passes in a row. I had SHELF B&M and TCI 10inch converters neither had anti-ballooning plates what allowed it to expand when hot.
I lost everything in my slip including reaction times fading away, i litterally would take an extra bump or too in the last few rounds to cover up some lost reaction time...
Consider having converter checked or if you do not have a converter with anti ballooning plates, CALL "ATI" AND HAVE THEM BUILD YOU A BAD ASS BRAND NEW CONVERTER FOR EITHER FOOTBRAKE OR TRANSBRAKE. I suggest ATI because i and many i know use them and they have proven to be reliable and extremely consistent.