My 1970 727 trans is stock with stock torque convertor.
I saw Dex/Merc fluid that looks like it meets dexron II specs.
They also had a multi-vehicle fluid that looks like it would work also.
The other two fluids they had were ATF+4 and Type F. I really don't want a synthetic fluid.
I've searched the internet and it tends to get pretty involved.

So, is Dex/Merc correct to replace Dexron II??

Boy how times have changed. It used to be two fluids, Ford, and then everything else.