I can't answer that question since I'm only moderately familiar with the design through reading the Merc-O-Matic service and adjustment book that I have in my collection of Ford publications and my work on the later Cruise-O-Matics. There is no set length adjustments in the book since they use the tools to adjust the nominal length. They don't recommend any adjustment over 3 1/2 turns from nominal when adjusting for shift tendencies.
Your transmission may respond well to adjustment of the rod but there has been a lot of water under the bridge since those transmissions were in the main stream. Rubber parts only last so long and eventually one actuator piston or another will start to leak around its seal. They lasted a long time in service but no equipment likes to set idle for too long. 65-years is a long time in car years.
If the rod is adjusted, try to mark it so you know where you started from. Lengthen or shorten it in small increments and try it. If it gets worse, go back to the original mark and try the other direction. That's all a person can do without going through the whole diagnostic procedure with adjustment to nominal of the control, adjustment of the bands, and a thorough pressure test. The pressure test will generally let you know if there is a hydraulic control system problem.
Whether you do your own work or go to a transmission shop, it's a good idea to get all the publications you can find for these units so whom ever works on it will have the info in hand. A lot of transmission guys may never have worked on any of the old ford units. In that case, they will need all the help they can get.