Hi, I just took mine off my '67 for a rebuild, follow the pressure line (the one from the center of the pump with a big female nut connecting it) from the back of your PS pump down under your car to the control valve. It should screw in to a port on the top side towards the wheel.
The line on mine is the smaller 1/4", I can just push an open end 1/4" wrench over the metal line at the control valve, also a 7/16" open end wrench fits the fitting to remove it. I would guess that the larger 5/16" one takes a 1/2" to loosen the nut.
The lines are physically bent different also, see pics on rockauto.com.
Can't answer your other question, never researched that.