A Fujinon 300T should work fine for portraits. Telephotos typically require about 60% of the bellows draw that a non-telephoto design would need. At infinity, the 300T would need about 180 mm of bellows. My recollection is that this was about what I experienced. You should have 249 mm up front. Keep in mind that you could draw back the rear bellows to get another 23 mm and if you were able to obtain a telephoto lens panel (25658 is the part number), you'll gain at least another 10-15 mm. Does this mean that you'll be able to do close up work? Not really. Besides, you wouldn't want to mess with a telephoto for that anyway as they behave a bit oddly with any tilts or swings used up front. And then there is the exit pupil factor that needs to compensated for if the image size exceeds about 1/10 of the actual object size. For portraits, you should be fine though.
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