YES-
The 427 IS different than the 454- You wouldn't want use a 427 on a stock454 unless that's what you had sitting around...
Here's a pic of a LS5 454 part #3973457
What you have sorta looks like this- for the 383-400 SBC
http://www.speedwaymotors.com/S-B-Chevy-Balancing-Plates,3262.html
Richard
What does that 427 flywheel weigh? GM had one for the L-88/ZL-1 that was around 12-15 pounds. They did one for the LS-7 (BB) that was about the same weight.