One consideration that is not mentioned in regards to the dipstick reading correctly is the pitch of the engine.
In regular US production vehicles the engine and drive train do not sit level. They are on something like a 12° or 17° pitch downward to the rear of the car. In the Pantera, the engine sits level.
That affects the level of the oil in the pan where the dipstick intrudes and the reading on the stick.
I'm not aware of the Cleveland ever having an issue of the crank spinning in the oil if the level is too high. Even if it did, that likely would only show issues with racing level constant rpm's.
Even so, at one point Ford "discovered" that they had a warranty issue with the 1968 and later 428 CJ engines with engine failures under warranty caused by the engine being run dry of oil at higher then expected customer rpm use levels because of inadequate drainback rates into the pan.
This is all interesting simply because the FE engine had been in production since 1958 and this was the first acknowledgement from Ford of an oiling issue? Strange if you ask me considering the heavy racing history of the 427's throughout the '60s but I digress.
The solution was not to change the outward dimensions of the oil pan, but to increase the amount of oil in it by re-indexing the dip stick. To make a long story short, they added two quarts to the engine capacity just by remarking the dipsticks.
In doing so, there became a minor issue with the level being too close to the crankshaft and the crank spinning in the oil.
So step two of the correction was go add a scrapper inside the pan and an add in "windage tray". This appears in the 69 428 CJ engine assembly and for "street applications including "street racing" was an adequate solution.
There likely is little harm done in running an extra quart of oil to a Cleveland. The harm done would be in not enough oil. The RPM's necessary to really require something like an "Aviaid Pantera" oil pan (which I am running) is usually a bit over the factory built in RPM limit of a stock 351C CJ hydraulic lifter engine.
The main benefit to a pan like that is mostly to lower your oil temps. However, keep in mind that too low of an oil operating temperature will likely do as much harm as too high.
Normal oil temps should be in the 210° to 220° range in order to boil off the water vapor and reduce the sludge it develops in the oil.
If you are running a constant 180°F., that's too low.
With the usage these cars are given these days, very little of this matters except for rebuild times on the engine, particularly in the oil control rings in the piston assemblies and the valve train, like the stock rocker arms and hydraulic lifters.
You will find that if you decide to run a sanctioned "open track" event at a race track, it will be recommended to you to run an extra quart of oil. It is simply cheap insurance.