oK I will give it another shot tonite, 5/16 8 point. so after the adjustment is correct, should i try and start it even though im still getting no reverse? car hasnt been started in approx 6 months.
Sure. Once you torque the adjuster to 72 inch lbs (not foot lbs) back it off 2-1/4 to 2-1/2 turns then lock the locknut down tight and it should be ready to go. Most likely the reason you didn't have reverse is the front band adjustment was cranked down locking the hub in place. That locks it in 2 gears at once so naturally it wouldn't move.
BTW: due to the design on the torqueflite it is normally harder to turn a torqueflite backwards. Takes about 2-3 times the effort to spin it backwards. But you should be able to do it by hand.