The so-called telephoto compression effect is really the result of using a long focal length for the format. "long" means longer than the format diagonal. The word "telephoto" is used for this effect because of the common mistake (particularly in 35 mm photography) of calling all long lenses "telephoto". The correct definition of a telephoto lens is one that focuses with a shorter extension than the focal length.
The "wide-angle" and "telephoto compression" effects are persective distortions resulting from viewing the print at the "incorrect" viewing distance. If you viewed prints taken with short-focal lengths lenses from a very close distance and prints taken with a long-focal length lens from a large distance, the perspective distortions would disappear.
All of these effects scale with the format size, so a 600 mm lens with 4x5 doesn't give the perspective effects that a 600 mm lens does in 35 mm. This is because the angle of the scence included in the photo scales with the format size. A 600 mm lens gives a wider view with 4x5 compared to 35 mm.
As Jay says, if Bill wants the scence compression effect obtained with a 300 to 500 mm lens in 35 mm, he will need a very long focal length lens. The ratio between the format diagonals is about 3.5, so the equivalent focal lengths for 4x5 are about 1000 to 1750 mm. Extremely few 4x5 cameras have the extension and bellows to handle such lenses (some studio cameras are modular so that extra monorail and bellows can be added), so the most pratical approach is probably a telephoto lens such as the 1200 mm Nikkor-T.
Previous postings on the forum describe that such lenses are difficult to get good results with. Vibration and other issues become big problems. Most photographers decide that really long lenses (compared to the format diagonal) aren't the forte of LF photography.
If you have the bellows for it, I second the recommendation of the 450 mm Fuji-C, though it won't give a strong telephoto effect. Past that, one might consider the 600 mm Fuji-C or a Fuji, Nikon or Schneider telephoto. There are postings in the archive about these lenses.
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