I recently lownloaded the very same aircraft and had the exact same issue with the textures. My thought was that it was probably due to the DX3 Alpha Channel bitmap. I have a modern graphics card with the latest drivers.
It didn't bother me too much since I really only wanted the aircraft so that I could repaint it to a private livery that I found on the Controller.com website.
As far as the panel goes, the one supplied with the 727-200 is OK. I found a different panel by Frank Elfert available here:
http://www.simviation.com/fs2004panels1.htmI'm going to see which one I like better.