When the splines are showing just a little (like yours are) it can allow dirt past the seal and into the splines which will wear out the splined connection much quicker.
Your driveshafts are probably fine, I highly doubt that the front shaft will fall apart when you flex. If you're worried about dirt getting into the splines, throw a shock boot over the exposed part and grease it often.
As for angles, your angles on the rear look pretty close. That doesn't mean you won't have vibration, I actually had the least vibration by pointing the driveshaft straight at the t-case (I didn't have a CV rear shaft).
If the operating angle of each u-joint is the same, the vibrations caused by each should cancel each other out. The thing is, Spicer specs the maximum operating angle at only a few degrees. Anyone with a lifted K5 is far beyond that, hence why cv shafts are often used to eliminate vibration. Lots of reading on driveshaft and u-joint stuff
here.
Drive the truck and see if you have vibrations. If you do, buy an angle finder (cheap at Home Depot or the like) and measure the angle of the pinion yoke, driveshaft and t-case output. Then you can start making changes if you need to. Just like most things on K5's, there are no set in stone rules for what will guarantee no vibration (other than a $$ cv setup).
As for which way the slip part of the shaft goes, the factory put it closer to the t-case. I now have mine pointed the other way to try and avoid this:
It probably wouldn't have saved the driveshaft in that situation but the smaller diameter and thicker wall is harder to hit and dent.