No need to do a writeup, theres plenty of info out there already. I am just posting up about it so those who dont go to other sires will know about this swap.
Heres some good info:
Heres a good wiring diagram showing what pin to hook where, when you remove the old 7747 plugs and put the pins in the 7427 plugs. I just printed out that first picture
Here is another good thread with some more info about the 16197427 pcm, along with wiring diagrams, tunerpro defination files, and bin files.
As for the chips. Yes, you can use the same 27SF512 EEPROM chips that you would use with the 7747. No need to soder in jumper wires to make the chip work like you do with the 7747. The 7427 is already a 28 pin chip.
The 16197427 uses what they call a "memcal" unit. You have a few options. You can do like I did and buy the moates G1 adapter (easyest way to do it, no sodering required) I bought this package with the zif and chips.
Or if you already have chips and a zif socket, you can get it by itself.
Another option would be to cut off the old chip from the memcal unit and soder in place either a 27sf512 eeprom, or a dip socket, as outlined here:
If you simply soder in a eeprom into the memcal, then you will need this little jewl to program it:
I have one and find it rather handy, as it allows you to read the bins from the stock chip in the memcals.
And, the whole site put up by eagle mark is a great forum for fuel injection addicts such as myself. Lots of good info, you can spend lots of time looking, searching and reading.