(To paraphrase some ancient, sorry for such a long post. I didn’t have time to write a short one.)
Thanks to all for your great advice. I'm back with my ‘48 but still in a bit of a funk about my transmission.
Background: 17 years ago, I installed my old SM420 on my “new” 261. I used a great tranny lift (no longer available) which had very smooth pitch-yaw-roll adjustments. It took about 3 min to get it bolted up but I was a young 60-year-old then.
Current: Last Spring, I reinstalled the 261 after some work on it. I used the splined plastic alignment tool for the clutch. I started and ran the 261 to replace the assembly lube with real oil. I kept the alignment tool inserted during this in case the clutch decided to wander a bit. I then left town for a few months.
Upon returning, I rented a tranny lift which was a little floppy and couldn’t clamp onto the tranny very firmly. I used only one long guide pin on the left side of the bell housing and the input shaft for aiming the SM420. As noted by lots of you, I needed another guide pin. The end of the input shaft was not getting into the pilot bushing.
I slid the tranny back and the plastic alignment tool still fit into the pilot bearing. The clutch seemed to be aligned properly.
I'm guessing the input shaft might have been tipped up or down (or back or forth) and my giggling of the tranny didn't solve the problem.
To Do Now: 1. I'm going to realign the clutch to make sure. I bought one of those clutch alignment kits that had an un-splined metal cone-like thing that presses into the clutch "hole." It seems like you need more than 2 hands to make this work. Do they really work? I've also got a new plastic splined tool.
2. To press the clutch during the last push as suggested, do you install the clutch fork on the throw out bearing even though the transmission isn't all the way in there?
3. I’m going to give the rental lift another chance with 2 guide pins. See pic. One must be fairly short because a longer one will not be removable due to a lump cast in the tranny.
34 Years. Now with a '61 261, 848 head, Rochester Monojet carb, SM420 4-speed, 4.10 rear, dual reservoir MC, Bendix up front, 235/85R16 tires, 12-volt w/alternator, electric wipers and a modern radio in the glove box.