I did the pedal relocation and the floor pan drop quite a while ago. The issue is needing more elbow room as a driver and giving the passenger a civilized seat location.
The lack of that is something I would have thought Ford would have made Detomaso fix.
You don't need to go to NASA extremes to fix it. Just shorten the water pump shaft and make a pulley for that.
Spacing out the pedal box was in one of Fords memo fixes when the cars were still new. Mine is spaced out 1-1/2". 2" would be too much for me.