I think I've figured out that the force equation for the 1.4 kg block is

T1-m1g=m1a,

and for the 2.7 kg block:

T2-m2g=m2a.

I believe the torque equation for the pulley is torque=rF, where F would be (T2+T1), I think. And that is set equal to I*alpha, or (mr^2)*(a/r).

But, I really have no idea what to do beyond that. I tried solving for a by rearranging the force equations to equal T1 and T2, and then plugged in those values into T1 and T2 in the torque equation, but my answer was wrong. Any help or clarification would be greatly appreciated.