One of the functions of throttle pressure is to control speed of DD engagement. It also controls the modulator valve, so to a lesser extent it also controls pressure to high range clutch making that proportional to load and conditions. It sounds as if in yours the throttle pressure might on the high side so perhaps that bent rod is messing things up a bit.
If you are unable to find another rod, perhaps doing a couple of the easier pressure tests such as DD or high range clutch and adjusting the rod you have to the pressure specifications will help. At any rate, you don't want to lower the pressure below the recommended for idle or the clutch plates could suffer if not enough pressure to keep them tightly engaged resulted.
There is a very nice article on the features and operation of the 50 Ultra in Popular Science Archives.
http://www.popsci.com/archives Do a search for Ultramatic and that particular article is in the May 1949 issue starting on page 139. There are many other mentions and brief pieces on other years as well.
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