I'm at a bit of a loss to understand why you would want to take this road. The 2.40 to 1 format (actually 2.39) was originally developed in order to make full usage of the frame on 4-perf film. It is shot with an anamorphic lens and when projected the process is reversed.
Now, if you want that ''Panavision'' look, change your parameters to 1.2121 (File/Properties/Video/Pixel Aspect Ratio)
Don't forget to shoot and frame accordingly.
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