Good info from 71ProjectJunk (as usual).
As I say, I'm no expert, but I too had this issue on my 71 M code Mach 1. But this was not due to too much power, but worn out 50 year old springs and the fact it was just a "one-wheeler-peeler".
What I did at first was to replace the springs with a set of 4 1/2 leaf Grab-A-Track. The extra 1/2 leaf definitely helped and that is about all I can say good about the GAT's.
Later, I had my axle rebuilt and added a Traction-lock but retained the 3.25:1 ratio. Then I dumped the garbage GAT's and went back to Eaton Detroit Springs and bought a set of Boss 351 springs which are thicker 5160 spring steel at 153 lbs spring rate. Although with a 3.25:1 ratio, it's harder to "lay rubber", I don't have the wrap-up and wheel hop I once had. As far as I'm concerned, this fixed the issue along with adding a 7/8" rear anti-sway bar. To me, traction bars don't do it for me, just for looks alone.
You could look at having a spring specialty shop add a half leaf with clamps and that will help I'm sure.