I broke a 27 spl conversion shaft in my K5 a couple years ago. It worked hard for a few years but ended up in 2 pieces in a crappy spot to recover the truck from.
Given a choice of taking a 400 apart or taking a 205 apart, the 205 wins every day, the 205 is just way easier.
Cost wise, to convert a 205 to 32 spline runs $190 for the conversion kit and typically $60-70 to machine it.
Not sure you can take a trans apart and re-seal it for a lot less than that, definitely not if you're paying for labor.
Strength wise, not only is the 27 spline shaft smaller but conversion shafts are often weaker by construction than a factory shaft.
You also have to consider potential adapter issues, a 400/205 adapter housing isn't going to work with a 27 spl. input gear in the 205 so you have to use a 6 hole to 4 hole adapter on the back of the TH400 and then use a 350/205 adapter housing and drivesleeve.
Compare this to using a 32 spl output that plugs directly into the input gear of the 205 and a single adapter, overall a more robust system.
That said, if you have a 27 spl. shaft keeping it may work for you but I wouldn't spend money to go backward with it, especially if you have an application where you really need the strength of the TH400.