"If you want to lock in an exposure value, push the lever the other way
to activate the exposure memory. It allows you to change shutter speeds
freely, adjusting the aperture for the right exposure and depth of field
while maintaining the correct exposure. This sounds a lot like the
shiftable program mode in my Elan IIe, am I reading this correctly?"
Well, the 4T doesn't have program mode, so strictly speaking, "no".
But...
The 4T memorizes the _exposure_, not the shutter speed. So you can
change the f-stop and the shutter speed will follow. (I also believe the
exposure compensation dial can be used, too.) This is obviously a great
convenience.
You can't switch lenses, though. Removing the lens clears the memory.
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