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Sorry for the late post but I have to get my $0.02 in. First off great car, I wish E-codes were common here in Southern CA. To answer your tranny question:
DO IT!!!!!!!!!!!!!!!!!!!!
It takes hours of planning, taking parts off, and putting parts back on but in the end is is SOOOO worth it, even more so if you are a stick lover.
When I did the BW55-M46 tranny swap on my 79 264GL I did it to help keep that PRV around longer by dropping the RPM's with the taller OD gear and to help on gas mileage. It took my 8 hours taking the parts off of a donor car at the local pick-n-pull. A total of 12 hours cleaning and replacing all the gaskets and wiring for the tranny (over a month period, was very busy with work). And it took me a two friends 12 hours to put it in the 264GL. All in all a great adventure for all of us and a project I'm very proud of. The car feels more sporty to me while the engine is cruising at a lower speed and saving me money.
One thing that will cut down on the time for you is that you have the other car along side your car so there will be very little second guessing on pieces that need to be transfered over because the proof will be right there before you. Another thing you can be thankful of is that the 240 MT do not have the hydraulic clutch like the 260's do so that means less parts and no need for a perfect hole/mounting point for the clutch master cylinder in the firewall. Although I must say having a hydraulic clutch is the only way to go!!!
I hope you decide to go for this swap and that it brings you as much delight as it has done for me. Sorry again for the long post, I still have 3-weeks of BB to catch up to. Take Care!
BEFORE PICYURES!!!

AFTER A TLC/CLEANING

I Love The Looks Of This!!!

Maybe next time I will tell you the story of my pre-81 to post-81 dash swap

Sincerely,
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Julio Meza 1979 264GL B27F 124K --> BW55->M46, CLS, IPD Sway, 81+ Dash, Gauges 1979 262C B27F 159K --> Restore Project w/Possible V8 1984 245DL 211K -->Wifemobile
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