From some of the circle track racks I have seen
The input shaft is more towards the middle of the rack than a mustang II style rack. You may be able to get a mustang style rack that is dimensionally the same as the rack you have, but the input shaft is moved further out away from the motor. That is going to cost you in the $400 range. 3/16 does not sound like a lot to take off. Maybe grind on the pan, slot the motor mount holes on the drivers side and raise you motor 1/4 to 1/2 just on one side.
Pictures will help
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