Ive never done it on a '40 before. But one thing about corvette suspensions is they are only designed to work one way...Stock!

So as long as you can take your setup measurements from a corvette, you should have no problem. We have installed several C4 suspensions in old trucks which are wider than a '40 with no problems. Again, we simply put a stock corvette in the air and took our measurements...then applied that setup to the trucks. They worked great. Handled perfect and didn't prematurely wear out any bushings/parts.

As for a '40, I would think the biggest obstacle (and its not much of one) would be if you had to narrow the track width of the suspension. The "jacobs ladder" should easily fit between the rails, so as long as you dont have to narrow it this should be very straight forward. I would first remove the spring tension and install a .75" or 1" all thread where the spring bolt goes to make the setup "rigid". Then I would suggest mounting your wheels and tires you plan to run and set the car where you want it to be when in a final resting place. Next, simply connect the suspension components to the frame with the stock C4 geometry. That way the car will set where you want it to and the suspension wont know its not underneath a corvette.