You need the drop gears from the engine as the primary gear is a different size for the front bush to suit the step in the 1275 crank.
Ideally you'd keep the flywheel case that was with the gearbox, but you'll probably find that the 1275 idler gear has a larger diameter shaft and won't fit - then you'll need to use the 1275 flywheel casing. In that case I would install a new bearing on the 1st motion shaft nose, making sure you fit the new outer track that it comes with to the casing (this can be a bit if a faff!).
If you replace all the parts to make the 850 gearbox from magic wand to remote, I would love to buy the parts you remove.