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I'm in the middle of doing the same thing to my '61 P210. Here's a couple of pictures of what I've done so far.
The first one is a before cut as per Sil's measurements:

The second one is after I cut the tunnel (Not an OD tranny installed yet, but you can see the output shaft of the M40-the cut away looks about right):

I bought a 122 tranny tunnel from somebody that was going to use it on his 445, but he went with a custom tunnel.

He sent me a picture of the finished work to his 445. Looks nice!

I hope it helps.
Paul
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