According to the '86 240 Owners Manual---auto equipped cars were 3.73:1---M46 equipped cars were 3.31:1. No options were listed as they had been in some earlier model years.
I've only driven one 240 with an M47--worked fine just as I would expect any 5-speed car to work. I've owned/driven many M46 240's (as well as other makes that used the Laycock OD). My own preference is for the Laycock OD. Going into top gear is a one finger operation (I only use a light application of the clutch on "at speed" downshifts out of OD) rather than a full shift as with the M47 going up or down. My current M46 car is an '80 245 with over 270K miles.--Dave
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