ABSOLUTE BEST is CITGO QUATROSYN
It would be useful, and maybe it is done but I doubt it, that someone gets used trans oil analysis like they do for engine oil. It might tell us what's happening to these oils as they age. Then we'd have something really to talk about when it comes to this or that oil and how it thins or breaks down in our 727's.
The problem with Citgo Quatrosyn is that I can't find any hint that they are certified or meet Allison TES-295 or even TES-389 specs, or any published results for the KRL 20-hour shear test. But then again I don't see where ATF+4 stands on the Allison specs but at least there's the KRL shear test.
According to Ai searches, the 4-speed Allison AT545 transmission has a non-lockup torque converter (and no over-drive) and is used in school buses and is otherwise designed for smooth comfortable operation. It might be or is superseded by the MT634 with lock-up converter. So the fluid requirements of the AT545 might be the most similar to the 727 today.
Regarding the AT545, Ai says this:
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For the Allison AT545 transmission, the top recommendation is a synthetic Allison TES-295 or the newer TES-668 fluid (such as Castrol TranSynd) for superior high-temperature protection. While originally designed for DEXRON-III, modern synthetic fluids are preferred to prevent overheating, especially in applications lacking a lockup torque converter.
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They talk about trans fluid like it's engine coolant, and the Ai bots focus on advertising lingo. Trans fluid isin't going to "protect" anything from overheating, not with the pidly heat exchanger in the rad. Now whether some fluids can handle hotter for longer, that's what's at stake here.
And yes I asked, and the answer is that ATF+4 does not meet TES 295 or 668 specs. Citgo says Quatrosyn can be used where TES 295 is specified, but Quatrosyn does not hold formal approval for 295 or 668. AI goes on to say that Citgo recently released a different product - CITGO SynDurance 668 ATF - which is officially approved by Allison for TES-668 and is backward compatible with TES-295.
The application for the Syndurance is written as "Vocational vehicles in severe duty, stop-and-go conditions; suitable for on-highway and off-road applications requiring TES 668". Again, vocational vehicles where perhaps a smooth transition between gears is required.
(That got me thinking about this. I'm almost always the driver in any car I happen to find myself in - which is usually my cars. If I'm a passenger, which I rarely ever are, and the drive is long enough, usually in a city / urban situation, I will get car sick. Something to do with gear shifting maybe?).
Other oils meeting TES-668 are Delo Syn ATF 668, Mobil Delvac 1 ATF 668, and Castrol TranSynd 668.
Again according to AI, ATF+4 does not meet any Allison transmission specifications (maybe it's never been tested for such) while Dexron III does meet Allison C4 (but C4 is old/crappy spec) and can meet TES 389 specs (which largely have to do with compatibility with Viton seals used in or before 2007). TES 389 is far inferior to 295 specs.
This document might have some useful tidbits of info on this topic of oil:
https://www.infineuminsight.com/media/1820/9-power-transmission-fluids-na.pdf
Note page 8 (ATF requirements), page 9 (torque converter clutches - BUT THE 727 HAS NONE!), page 10 (torque converter - large energy loss without clutch!).
Page 14 (shear stability chart, ATF+4 not shown for some reason)
My take-away is that ATF+4 was engineered first and foremost to prevent torque converter lock-up clutch chatter 25 years ago in MoPar auto transmissions. Our 727's don't benefit or care about that. But ATF+4 base oil seems to be way better than Dexron III so that's something the 727 can use.
I am curious now about the oils meeting TES 295 and 668 specs and they are likely better than ATF+4 in terms of shear stability (heat tolerance, oxidation). Citgo Quatrosyn is still an unknown in this regard.
1 gallon jugs of Citgo Syndurance 668 seems to retail for $45, and you'd need 3 for a full 727 oil change (with 2/3 of a jug left over). Castrol TranSynd 668 runs $60 / gallon (ouch). Valvoline Dex/Merc Dexron III-H gallon jugs run $36.
And maybe we can do better for our cars by adding a trans fluid cooler?