Keeping the correct geometry is the right way. There are "kits" available that use Granada copy spindles use disc brakes and are 1-1/2" lower naturally. Using Aerostar van springs lowers it farther. They sell them on screwubay and other places ready to bolt on to the stock a-frames. Log on to the YBlocksforever site and there are many to show u exactly how to do it right. You don't need a Y Block.. Good luck.
At least 1 member at yblocksforever did both the Gramda spindles and the Aerostars, and ended up too low. Now, might not be such a thing as too low here. There's also some 1 inch spacers (to raise a car) available on the Mustang sites, and they might be the solution. The Aerostar springs are a progressive rate, that's what gives them the great ride without bottoming. Best thing I ever did on the 'bird. In the rear, find the blocks to give the stance you want. Then, jack the car up and make sure you can change a rear tire. Sometimes a problem in the back. Fordbarn has similar threads.
On my 57 wagon I did the Aerostar springs and it lowered it nice. To brig them up a bit I used rear spring insulators from a fox body mustang. oh and 2in blocks in the back
I just took the Aerostars and shorter shocks (Monroe 5821) out of my '59 last week and will have them in the classifieds soon. I have 15" tires on it and the tires scraped the wheel wells on sharp turns. I whacked 1 coil off the stock springs and put them back in with stock shocks (Monroe 32066). Sits a little higher, no more scrape. There is another similar Moog spring, CC851 which is a little longer and has a lower spring rate. I should have gotten those initially.
Did you ever figure out what shipping will be for the springs yet Sent from my LGLS990 using H.A.M.B. mobile app
I have a few pictures in my album from when my dad and I put mine together. We have Granada spindles and Aerostar springs up front. We had the lower ball joint holes reamed just enough to allow the ball joint to pass through which gives the maximum drop. I'm running a 5.0 which is lighter than your 312 and I'm not having any scrubbing issues. We did have to remove the bump stops but could have gotten by with just cutting them. The only thing I still want to do is upgrade to a bigger front sway bar. We have 3" blocks out back and the car sits low and level which is how I like em. Good luck with yours, it is coming along nicely.
Easy fix to adjust height and better than rubber OEM pads. http://www.energysuspension.com/universal-products/coil-spring-isolators.html
If you can find spindles and disc brakes from a mid '70s Torino/Mercury Montego, or a late '60s big Ford with disc brakes, you don't have to ream out the hole for the ball joint, just bolt them on. The ones on my '55 Ford came off a '76 Merc Montego,
I used the Aerostars and Energy Suspension polyurethane 9.6120G insulators that are 1/2" thick. Front tires are 205's and the rears 215's on 6" Torq Thrusts got the look I wanted. It did need a realignment and I advise anyone lowering anything to have checked.