You might have a problem with a tapered cloth/leather bag (aka "shift cover") leaking air, since it may be tough to seal the bag to the elevator tube.
Some cars (like my Miata) have a second "shift cover" underneath the first one. Its made of rubber and is pleated so that it can lie almost flat on the driveline tunnel; yet still allow the shift-lever to pivot and move a small amout.
Did a quick search online and came up with this picture (from a Mustang):
http://www.stangnet.com/images/stories/topline/03.jpgHere's a pic from a Miata:
http://www.eatricezone.com/miata/shifter/11.jpgUpside is that the rubber boot is going to intrude into the footwell a lot less than a big leather/cloth bag boot...
Downside to going this route is that the rubber cover will put some "centering force" on the tube; and it only has a limited amount of travel (I don't know how oblong the hole is, since I don't own an EZ yet *sigh*) - the tube should be able to twist a fair amount, its just the offset / oblong translation of the part can't be more than 1.5" or 2" with a Miata shifter. A big Chevy or Mustang inner-shift-boot will probably be bigger.
Take care,
--Noel
P.S. In response to the first post: A "tube within a tube" would be neat - but might make maintenance tougher; and you still have to have a hole or slot in the enclosure for the swing-arm that connects the elevator tube to the control-stick, wouldn't you?