B757 CAPT OVERSHOT ASSIGNED RWY.

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ARRIVING FROM THE E; CLRED FOR THE VISUAL TO THE E (RWY 35R) AT SDF. THERE WAS A B727 FROM THE W CLRED FOR THE VISUAL TO W RWY 35L. PF TURNED IN TOWARD THE RWY; BUT WAS A LITTLE TOO HIGH AND FAST. AS WE ARCHED AROUND BASE TO FINAL. I ASKED SEVERAL TIMES IF HE HAD THE E RWY IN SIGHT. YES TO ALL RESPONSES. AS IT BECAME CLR HE WAS GOING FOR THE L RWY; I STILL HAD A VISUAL ON THE B727 AND CALLED FOR A HARD R TURN TO FINAL. CAPT THEN SAW THE E RWY; 40 DEGS BANK; STILL 200 KTS. WE LOST SIGHT OF B727 AND CAME WITHIN 1000 FT OF W RWY AT 1000 FT AGL. I TOLD CAPT TO ROLL OUT AND CHK FOR THE B727 ON HIS SIDE. AFTER HIS 'VISUAL' CALL; IT WAS THEN DECIDED TO GO AROUND SINCE WE WERE IN NO POS TO LAND (200 KTS; FLAPS 15 DEGS; 1500 FPM DSNDING). AS I KNEW THE B727 WAS 1000 FT LOWER THAN US ON FINAL; I FELT THERE WAS NO MIDAIR POTENTIAL; BUT NONETHELESS; EVEN BEING FAIRLY ASSERTIVE ON SOME CALLS; WHEN IT COMES TO PARALLEL APCHS; THERE IS NO ROOM FOR OVERSHOOTING APCHS! MORAL: WHEN CLRED FOR THE VISUAL; ESPECIALLY AT NIGHT; TRY AND MAKE A TURN AT THE MARKER SO AS TO BE ON AIRSPD; ALT AND CORRECT LOC (RWY)!