Thank you Brian and Owen.
BTW, I have a car buddy (races SCCA) who, upon advice from a race car mechanic, used Red Line to cure syncro problems in a Nissan Z car.
He had no 2nd syncro, replaced the oil, and in a couple hundred miles, he had a syncro again.
Strange, but true.

Gentlemen:
You took me by surprise with the use of Rotella.
Can y'all comment on why the preferred use of diesel lube oil in gasoline engine? Additives? Other issues?
Thanks.

Link to a Studebaker Club 727 conversion pdf report from 1990.

http://www.1956goldenhawk.com/newslpdf/56jon008.pdf

Didn't read it all, seems to be tilted towards the Packard V-8s. But, there are some supplier references.

I have had great luck with the 700R4s in my trucks, pulling heavy loads over 250K miles but, and I recommend it highly. Lockup and overdrive, both good for the long stroke eights, and not too different than the Ultramatic in that respect.
But, I understand they are tricky to get the kickdown/shifter cable adjusted for the throttle throw . Don't know, never put one in myself, yet. Have one in the shop rebuilt ready to put on a Suburban when I can get to it....

Good luck.

OK, having read all the guys who I totally agree with: Don't mess up a great car!! But let me offer this to the mechanic running a business (as I do) in the real world:
The customer is the boss. If you can do it for him and allow an older couple? perhaps to enjoy vintage motoring, why not? Better than him selling it and someone throwing in a 350 with 2-4bbls and a THM. UGGHH.
IMHO, a Chrysler 727 adaptor is the way to go if you have to, and advise the customer to hang onto the original tranny and bell housing to go with the future owner/heir so that the value or at least the originality of the car can be retrieved.
You can always get a 727 repaired, it can handle the torque, and it's reliable. I love my Ultramatic in the '51 Patrician, but it's not to some people's liking or purse when it comes to repairs.
As to power steering, there's nothing wrong, again IMHO, with a '52-'54 Packard retrofit steering system, which is essentially a bolt on, that even the dealers did in 1952 and later to the earlier series cars. It should not affect the value? Opinions?
There are sure a lot of older (meaning 70 and up) people in my Packard Club chapter that have to drive their modern cars to meetings and tours just because it's tough to drive the old machines when you've got arthritis, etc.
I say anybody that we can get to actually put a Packard on the road and keep it there is a friend of ours. But, then, I'm easy......
Steve