4 ga wire is good for 100A on a short run. Kind of marginal for a 427.
If you're only seeing 7.2V at the starter, you have too much loss. Could be-
Poor connections
Weak battery
Weak or undersized or too long wires
Soggy solenoid
Poor crimps on terminal ends
If you're only getting 7.2V to the motor, that's not a fault of the motor. A stalled brush motor acts like a big ass resistor, and if you're only feeding it 70% of the minimum voltage, you're only getting 70% of its potential torque.
I say 70 because sagging to 10-11V would be acceptable and expected. 7 is unacceptable.
It very possible could be a combination of 2-3 of the above, and fixing one will make it work... this time. But ready to fail.
But I would still say a 1KW (crappy AC Delco reman) starter isn't enough. I would at least get one of the new aftermarket high output ones that cross reference to yours. One that I linked to above claimed to have a 1.4KW motor. That's 40% more. Another one I saw that looked like the same snout and was a toyota claimed a 1.7KW motor. But those may be chinese watts that will leave you hungry in 2 hrs.
You can put your volt meter from the positive batter terminal to the wire between the solenoid and starter motor. Not cranking you should see 13V. When cranking you need to see less than .7V or so. This is the loss on the positive side.
Then do the same for the grounds. meter between the neg terminal on the bat and started case and see what you have when you hit the starter. Should be less than the positive.