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Glad to hear of the successful drive.
The factory 1950 Mercury rear axle ratio is 4.27 to 1. Combine that with the overdrive ratio of 0.7 to 1 and the overall ratio is 2.99 revolution of the crankshaft for every revolution of the rear wheels. If you have 28 inch tall tires you are running less than 2400 rpm at 66 miles per hour. Your engine is just fine at that speed. Unless there is a balance problem your engine should be happy to around 2700 rpm, which is about 75 mph with your combination.