Assuming you have no selectrim, you want the rear "face" of the Intermediate housing sitting parallel to the transom hole in the boat. Wherever that puts the front is not important - it sits where it sits. If you do have selectrim, run the unit to the middle position and true it up.
Note how the line dimensioning C in this drawing is parallel to the transom face, and clearance top and bottom of opening is equal. That's what you want so the transom boot sits evenly around the intermediate without stress.
^^ In that pic, front mount dimensions are given for angle of deadrise. And that V6 model only came in one "height". Your 1974 had two different engine mount lengths depending on low or high profile drive. Don't take that 8 11/16 as a dimension for yours.