And after a bit of a delay, N7001U got airborne this morning with a picturesque departure from Paine Field (KPAE) for a short flight over to Boeing Field (KBFI) and the Museum of Flight where a fairly large crowd awaited her arrival.
It also appears the festivities are still underway at the Museum of Flight:
http://livestream.com/museumofflight.com/events
You may get a "page not found" message. If so, simply click on "find events to watch" and then scroll down to the 727 coverage (if it's still in progress).