While reassembly of the front suspension of my 74, I put new front brakes on. I noticed while pushing the pistons back into the calipers that the pistons seemed to have flexible or pivoting heads. I have never seen that before on any other car I have ever put brakes on. was this standard or do i have other problems? It seems as though it is designed that way to keep even pressure on the pad while braking? 

Yes, the caliper pistons will "flop" some inside the bores. There are springs on the backside of the pistons, to hold a small amount of pressure on the pads, to keep them close/touching the rotors at all times. The overall diameter of the pistons is such that only the area that holds the actual seals is even close to the diameter of the piston bore. The areas ahead of, and behind the seals is quite smaller in diameter, unlike most caliper pistons, which are a fairly uniform diameter all the way down.
You don't have a "problem", as far as that goes....that's the way they are made.

Joel, you are always a wealth of knowlege! It is so great that you're here to help out!