Update — Success!
Just got back from test driving the 'bird. It's like driving a different car now. Everything behaves like it should. Talk about a relief!
Did the pressure test before taking it off the stands (as several of you mentioned) and had to lengthen the rod several turns to get the pressure up to specs. If you baby it down the street, it'll shift about 19 mph. If you drive lightly down a residential street, about 22-23 mph. All relative on throttle pressure — just like the book says. Feels like it's about where it needs to be.
The accelerator is so much lighter feeling and easier to hold. Before it was fatiguing after a while cruising down the highway (due to binding).
Wanted to thank everyone who answered on this thread and shared their knowledge. It is GREATLY appreciated. Special shoutout to FORD DEARBORN who spent a lot of time walking me through the troubleshooting process and nailing the issue. Everything I've learned during this fiasco is going in the vault and should hopefully help me or someone else in the future. This is a great site and the level of knowledge and helpfulness is very humbling. Thanks again for helping get this old 'bird back on the road!
Kent — Round Rock, TX
'56 F-100 | '56 Crown Vic | '57 Fairlaine 500 | '57 Thunderbird