You can take the guards off the front and drill new holes in the brackets to push the bumper in closer to the body. When you do this, make sure to remove the rubber filler pieces on the fenders and grill. For some reason, people like to leave those on. It kind of defeats the purpose of pushing the bumpers in.
As for the rear, I don't think it looks right when the valance slots are filled but that's just me. I'd push the rear bumper in as well and remove the filler strips there too. There may be a mismatch between the 74 bumper and the 70-71 guards but it will still cover the valance slots. When you get around to having the bumpers rechromed, you can take a grinder to the guards and make them fit the contour of your bumper.