Did I install this trailer leveling rod/linkage correctly?

I'd probably adjust the rod 3 holes up. Shorten it. And see. That'll probably do the trick.

 

If the ride height is 16” then the top of bag should measure 13.5” from the axle. It doesn’t matter what you start with.

 

I just replaced one exactly like that on my Hendrickson suspension. Correct height was achieved by bolting rod together making it as short as possible. Yours looks about the same. I’d start from there, way too much air in those bags. Should be about half as much base showing. Running like that with too much air will cause the brakes to lock up when applied, if empty or loaded light. It’s dangerous. Now that 062 provided the info, going to measure mine.