Yup.
I also discovered that if you have the flywheel lightened on the engine side, you dont need to space out the M20 flywheel as described in a few of the writeups.
So basically:
Have flywheel lightened
Swap gears
Use the 323 TOB and M20 clutch set
I'll post some more pics after I finish lightening the flywheel.
Here's a sketch showing why you need to space out the flywheel unless you have it lightened. The engine side of the flywheel is to the left. The M42 (did I write M44? oops!) flywheel is flat but the M20 one it is recessed. Removing .230" would essentially make it flush like the M42 part. Over .350" can be removed and will save quite a bit of weight.