Hi, Jay -- I could face the same sort of decision, but have chosen to avoid it... 🙂 I have an M2 with the 35/50/90 frames of course, and a Minolta CLE with its 28/40/90 framelines and lovely 40mm f/2 Rokkor. I could use the Rokkor on the M2 but it would bring up the 50mm framelines, same as the 40 Nokton.
I too resist the idea of grinding on the lens, that little bit of metal that lets the framelines relax to the 35mm position. It would then be awkward for a camera like the Minolta, where it would bring up the 28mm frames...
Well, here's a tip, a rube goldberg solution. Put a rubber band around the left strap lug and stretch the other end around the tip of the frame selector lever. Yep, it works, and fortunately the M2's lever is shaped better for this than later Leicas! The rubber band's tension will hold the lever to the left, causing it to display the 35mm framelines.
But the M2's 35mm framelines are way out there... a bit larger and with less "slop" than on later Leica models, and therefore rather generous for a 40mm lens. I think with the 40mm you're stuck pretty much between the 35 and 50mm angles of view. I think in this case I might prefer to look at the 50mm framelines and think generously!
Or get a nice compact 35mm lens, also as suggested. When I got my M2, I got a 35mm f/2 Summicron with it. So, that's been my rather pleasing solution to this issue. 😀
There's no doubt the 40mm f/1.4 Nokton is an attractive lens choice, reputedly with excellent performance combined with impressive speed for its compact dimensions. A slightly awkward focal length, though, for a camera without matching 40mm framelines. Except on the Voigtlander Bessa-T, which needs an external viewfinder for any lens!