I believe it does.
I know a loose trunion bushing will result in the ZF popping out of gear....
I believe lower is better, but I have only adjusted one of them...
Rocky
UPDATE...
PS.... After reading Bosswrench's reply below, I did want to update this post. I agree with him that the only way you can do this adjustment is if all the shifter linkage is removed from the car, and then you soak the nuts / threads in Liquid Wrench or equivalent, and use vices, and big wrenches to get the 40 year old connections apart.
I was not able to break any of the nuts or the turnbuckles loose with the linkage connected in my car - I just slid the U-Joints on the splines shafts....
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