There’s a lengthy discussion on this topic re adjusting 408 torsion bars under the V8 section. I’ll repeat the advice I gave then based on my experience with a 410.
"You may find that the torsion bars have sagged beyond the range of adjustment available, if so you’ll need to have the car on a lift on the chassis (ie not on its wheels) and a friend with a large Stilson wrench. First screw the adjustment bolt right out so that there is little or no tension on the torsion bar. You might need to remove the axle rebound retaining strap to achieve this happy state of affairs. You then need to dismantle the torsion bar mounting, which will allow the torsion bar to drop to the point where the adjustment arm can be taken off and moved by one spline. You’ll then need the friend with the stilson to pretension the torsion bar slightly so that you can reassemble the mounting. That needs some strength on the part of your friend but by no means a great deal of brute force. This might all sound rather alarming but in my experience it is all very well made and comes apart and goes back together again easily - given a good previous dose of penetrating oil.
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