Gary,
There is still emissions testing for metro Phoenix and Tucson. Exemptions include "model year 1966 and older vehicles and vehicles designated as “collectible” (requires collectible vehicle insurance, reported to Arizona Motor Vehicle Division by insurer)". So if your 240 is a daily driver, you will need to get it tested. Also, if your vehicle is registered outside of Phoenix but you use it to commute to anywhere in the city, then it will need to be emissions tested (provided you are not exempt as above). So arm yourself with your Hagerty, Grundy, etc. insurance policy before heading to your local MVD office to register. The MVD also do a cursory safety inspection (clipboard walk around) if the vehicle is being registered from out of state (at least they did 10 years ago when I registered mine). My take at the time was that if the vehicle looked roadworthy (read shiny and looked after) then the inspection was a formality. Good luck!