@ rexdinosdad,
I also have a Westell Versalink 327W and Verizon. I have mine portforwarded and it works great. Follow the link in birdy's post. I tried using UPnP but couldn't get it to work.
Be sure to set up a static ip before you portforward LW or it won't work.
http://www.portforward.com/networking/staticip.htm
If you run into trouble, post back and maybe I can help.
Edit: Recheck your firewall settings. I was able to use LW after I had allowed access for it through my firewall without portforwarding. I only portforwarded so others could upload from me.