I'll get the popcorn out.
Seriously...don't know if your mechanically inclined, or not. But, it's just a bunch of cleaning parts, looking at 'em, replace what's needed, blah, blah. Nuts and bolts stuff. Take your time, just do it right once. There's seals that can be a pain to deal with, and parts that need to go back in right...simply pay attention to what your doing!
The band(s) you mentioned, only have a thin layer of clutch material on them, fyi. There's plenty of folks around that can answer ???s, if you have any.
Also be very, very careful! If your 727 is in poor shape, you could actually enjoy bringing a pos back to life!