You can lower the ride height with the torsion bars, it just needs an alignment afterward. Typically you can lower most cars about an inch or 1.5" and still get the alignment back into the proper specs. More than that usually requires offset bushings or adjustable a-arms to get the specs right again, but every car is a little different.
The problem you're talking about, the wheels being angled (cambered) too much, is an alignment issue, and not really a torsion bar problem. Maybe a torsion bar adjustment problem. It doesn't necessarily mean you need to replace the torsion bars themselves, just get a front end alignment, and possibly adjust the bars if necessary to get the alignment back into spec.
On the other hand, your torsion bars are over 35 years old at this point, and were too soft to begin with. So the question is really whether or not now is a good time to replace the torsion bars for YOU, financially or otherwise. Personally, if I were you I would get a set of .96 or 1.0" torsion bars if its financially feasible at the moment. The improvement in the handling of your car with that change alone would be huge. And if that is what you do, make sure you adjust the ride height and have the car aligned after you install the new bars.
