Yes the pinion is low, but it is short, so angle wise it is works out.
(btw the 454yj was Frank Curries, It is in Petersens Museum)
Torino should be 31 spline, but with Ford you never know. Depending on tire size and right foot, 31 is ok. Alloy 31's are better, alloy 35 are COOL. I have broke...