Running any application on a privileged port (those below 1024) requires special privileges. If you do this, you should ensure your instance is properly hardened.
To configure the port tomcat listens on you have to modify the HTTP connector in conf/server.xml (server reference documentation):
<Connector port="80" protocol="HTTP/1.1"
connectionTimeout="20000"
redirectPort="8443" />
To change the context path of an app, you can rename the war file. To deploy it at the root, rename your war file to ROOT.war. Or you can add a META-INF/context.xml in which you can specify the desired context path (context reference docs):
<?xml version="1.0" encoding="UTF-8"?>
<Context path="/" />