I have a 56 Chevy PU with the same reach problem. I did something similar. I redrilled the pivot point up 1" on the stock shifter. I then went to a swap meet and bought a Hurst shifter shaft and had a flat piece welded to the T-5 shifter and bolted on the new shifter. I made a 1" extender plate, but I think I would go 1 and 1/4 to 1 and 1/2 to get a shorter throw. The 1" seems to make it about the same as a standard shifter or a bit shorter.

Gearhead, I am not nice to my T-5 set up, but it hasn't broken yet.

Good Luck

Luis