I'll let anyone correct me but "Hurst" is/was huge into making shifters that would do just what you want and you should have plenty of room to place it just as you like. I've seen it done when they weren't so old but never did it to any "three on the tree" shifters and I owned too many of them.
You will need to know your exact trans and engine (never heard of 240CID??)
It'll still be a project and a good 4 speed would be nicer if it would just go right in but you might need to change driveshaft if you change the whole trans - dunno.
Here's some pics of how it can work,
That site is "
www.FordMuscle.com " which may help a lot.
One hard part might be finding the blank collar for the column so you don't have to look at where the old shifter was,
T
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Tom Greenleaf - MetroWest, Boston