It would be better to install the right pilot bushing, or drill the end of the crankshaft inboard of the pilot bushing a little deeper. The hole drilled in the crankshaft wouldn't have to be precise, just big enough for the end of the trans input shaft to move in a little deeper. About a 5/8" or an 11/16" drill bit in a variable-speed drill motor would do the job, but you'd need to remove the pilot bushing first. If you cut the trans input shaft off, no other transmission would ever fit and the next owner will have dirty words to say about you!
Jerry
