Commander Toasty,
Robert Paul, from Yoder, Colorado, rebuilds shocks and does a great job at a very reasonable price. I'm not related and have no business interest, just that he's done nice work for me. I've got a set of shocks he rebuilt in 1989, and one just started seeping a tiny bit this year. That's great service!
Anyway, I had some shocks on my unrestored Fordor that were leaking and called Robert. First question he asked was how much did I fill them. I told him just a little below the opening. He laughed a bit, and said to drain about a third out. He recommends running the shocks about 2/3 full.
But, to quote Ford Service Bulletin, January 1928, page 205; "The filler plug in the reservoir should be removed at intevals of 5,000 to 10,000 miles, and the reservoir filled with glycerine (Commercial). NEVER REPLENISH WITH OIL. Oil will solidify in the winter or reduce resistance and will not mix with the glycerine in the instruments."
The rebuilding of the shock is covered in the Service Bulletin begining on page 536, February 1931. Figure 1115, and the caption below the figure, inddicates, "...fill the instrument with fluid up to the level of the filler plug opening, then replace filler plug."
I didn't see any other references to the level we should fill the shocks. I know that when I took Robert Paul's advice and removed a bit of the fluid form my leaking shocks, the leaks stopped. I don't drive that car enough to determine if there's any ride difference.
Dave Lopes