I've always adjusted the kick down this way
This is from the Hot Rod article. The lowdown on stock Torqueflite kick-down. Check post #46
"If you adjust the cable so the lever is at the front of its travel range at idle, the line pressure will not increase properly as the throttle increases," Jason Muckala of Motech Performance explains. "This makes the trans shift too early, and it can cause the clutches to slip and destroy the transmission. I've seen people install springs to hold the lever forward, but it's not supposed to stay in that position at idle." This photo shows the lever full forward; in this portion of the lever's arc you can feel no pushback from the lever, an indication that no increase in line pressure is occurring.
Somewhere in this range of the lever's arc, you can feel a slight resistance from the lever's internal spring. This is where the line pressure begins to rise, ultimately causing a downshift. Properly dialing in the lever's range of motion is critical to shift performance and transmission longevity.
For the first half of its travel range, there is very little resistance and the lever does nothing. At the halfway point, you can feel where it starts to hit the valve inside the trans, and that's the position the lever must be in at idle."