I doubt you are going to be able to adjust it to your liking. The adjust-ability is minor...to take up the slack.
What you really need to do is to see if you have an adjustable cable. Underneath the car, on the driver's side follow the clutch cable as it connects to the transmission. Just behind that entry you'll see a tin cover that is held on by 1 or 2 screws (sorry, can't recall). Remove that cover. There you'll see where the cable attaches to the clutch fork. Check to see if there is adjustability - a jam nut, a pair of nuts, etc) If so, you can effectively shorten the cable by screwing those nuts toward the front of the car. It is here where you make any large adjustments to the cable. I must point out however that many many many people report issues with these aftermarket adjustable cables. (Me included - I had one that rusted out within a year)
After removing the slack at the clutch fork, you can then move up top and make any final small adjustments at the firewall adjuster. To shorten the cable you'd turn the adjuster counter-clockwise.
I hope this helps. In the end you have to play with it to get a feel for how it works, what effects each adjustment makes, etc. There's nothing like hands-on experience. But hopeuflly I've given you something to get you started.
All that said, I doubt you'll get it adjusted where the friction point is closer to the floor. What you've described is indicitive of a worn clutch.
Welcome to StangNet and congrats on your new purchase!
