[Abe Lugo]

For the column shortening it involves a cutting and shaping the bottom of the main shaft to accept the rag joint or u joint connector. Once that is done you will see how much room is left for the column shift arm. I believe it leaves it so short that it would end up inside the interior side of the firewall.
I would say at that point your only chance might be a cable operated shifter. Or maybe measure a later 62-64 Fairlane column. Maybe. But note you would also have to shorten the sleeve or shaft that holds the column shift arm also.