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There's nothing wrong with it, it's just MAF. The 165 MAF system only reads up to 255 g/s, which maxes out quick on a hot motor. The MAF is also an intake restriction. You can still properly run a MAF car above 255 g/s, but it's sort of fudging. MAP has no intake restriction and no airflow reading limit because it measures engine vacuum.
The 1227165 ECU also uses a 128kb EPROM; the 1227730/1227727 use a 256kb EPROM. More space means more room for variables.
The 730/727 is regarded as the "Tuners ECU". For the swap, the 730 is preferred over the 727, since it's easier to get into to swap EPROMs.
Doing a Search in the Archives here will turn up a pretty comprehensive discussion on the conversion.
BTW: Plan on a custom chip if you do this swap. You'll need to modify the later Corvette memcal/EPROM BIN from the 730/727 to suit your car.
Parts needed are the 730 ECU; the new memcal (unless you get a boneyard ECU with a V8 memcal); at least one more 32 pin ECU harness connector (try to get all 3 - they're better); the MAP sensor and mounting bracket and harness connector; a newer '91 knock sensor...
You need to repin your harness connectors; modify your ECU mounting bracket to accept the side-mount harness; disconnect/remove your MAF sensor & housing (use mackeyred96 Traffic Control Cone!); install MAP sensor, bracket, and harness...
There's some more, but that's all I can recall right now...
I have a 730 on my desk; never looked close at a 727, but I've been told it is harder to get at the memcal because the 727 case is sealed (waterproofed; board glued to case; etc). I've seen one from a few yards, and the case seemed to be a cast/finned unit...