something to remember,, not all modulators are adjustable.
originally Ford did not have adjustable modulators, they had modulators with paint stripes on them. Green, White, Purple, Orange, black,, etc...
each one of these were set for a specific Vacuum to activate, there was also 2 versions sea level and high altitude(like for cars in Denver).
there was also screw in pre late 72 and push in late 72 and on...
that said you can pop off the vacuum hose to the modulator and with a flash light peak inside, if you see a flat head screw inside the port then you have an adjustable modulator. if nothing inside the port then you have a non-adjustable modulator.
you can change a modulator, but be prepared for a flood of transmission fluid. do not lose the pin for the modulator, when you swap them fast the pin might fall out or get stuck in the old modulator. so get a big tub under the modulator if you swap it and have trans fluid ready to refill the transmission as you will loose fluid fast just like a drain plug, make sure you fill it with correct fluid after if the transmission was rebuilt then don't use type F.
at any rate lets say your modulator is adjustable.. use a small jewelers flat head screw driver, and it will be hard to get in there around the cross member.
turning the screw In keeps in gear longer, turning the screw out gets out of gear sooner.
there is a range and you can customize it to how your motor is making Vacuum.
it is kind of a pain to keep adjusting the modulator since you have to get back under the car to make a change and that usually means jacking the car up.
i remember i did it about 4 times and finally just left it as good enough even when i felt the shift was still a little short. of Course my transmission just blew up so all that work was for nothing.