Lowering the car with the spindles is always better in my opinion - and the Mustang / Granada spindles not only have the bigger outside bearing - but they are raised about an inch above the lower ball joint lugs. When "re-reaming" that lower lug - it is possible to lower the car further by "artfully" choosing the depth of the taper (which then alters the downward position of the ball joint). You can always play with the spring rates later on and having room to make them tall is nice too.
This picture shows the back of one of the later spindles (drum spindle from a "71 Mustang) - and it plainly shows the location of the "lathe center' used to finish turn the spindle in the Ford production machinery. On the earlier knuckles, that backside center is down on the ball joint lug. That is the static difference in design ride height between the two. This assumes - as mentioned earlier - the lower ball joint taper is sunk into that lower lug, as far as it is in the early knuckle. The spindle rise was not so much to lower the later cars (which it did) but it moves the upper joint down away from the tire sidewall.
Steve Metzger Tucson, Arizona