I know there are tons of threads about this swap because I think I have read almost every one over the past few weeks, but I do not see an answer to my question, so here goes

76 F-150 4X4 with 360/c6/203/superwinch manual hubs/hp44/9"

I have to replace the cracked flywheel, so I figured while I have the transmission and transfer case off I would replace the NP203 tc with a 205 that I already have. My question is in regards to clocking the 205. I plan to reuse the adapter that was between the c6 and 203 so that the tailshaft from the c6 is the correct length and the adpater mounts to the crossmember so there shouldn't be any fab there that I can see, but it seems that if I were to bolt the 205 to this adapter that it will hang lower than the 203 did causing not only a ground clearance problem, but also since the front driveshaft goes over the crossmember that it may drop it down to where it makes contact. Is that the case or not? If I do need to clock the 205, how do I do it? The only clocking rings I can find are with doubler kits, which I may do at a later date, but don't really think I will need. Especially for $700. My friend thinks I need to drill and tap new bolt holes in the 205, but i want to make sure before I start doing that. This truck is for trail only use, so street driveability is not a concern, but ground clearance and strength are.

Also, any tips on removing the rounded off bolts that go through the flywheel into the torque converter so I can get this transmission off?

Any help GREATLY appreciated