Okay, I received the Mt3/2 sleeve and it provided the basis of the solution I was after although it required a little modification by the addition of an extender. My new Royal Products Quad Bearing live center with MT2 is now fitted very well to my PM1340GT lathe.
The Z Live Center sleeve does have a thinner wall than my Sioux MT3/2 adapter. This benefit added to the other big advantage of the sleeve being much shorter than a tanged adapter yields a very good outcome.
I added an extender to the sleeve so that the assembly could be expelled by the tailstock quill adjuster screw as is normal. Without the extender, the sleeve on the live center would not be removed by backing the quill into the tailstock housing. The sleeve was about ~ 1/2" too short to engage with the screw to be pushed out of the socket. The extender I made solved that problem and this modified sleeve gives me what I was looking for. It is much shorter than a MT3 to 2 adapter with tang, has a thinner wall, and has almost no cantilever out the tailstock quill socket.
Here is the sleeve compared to the tanged adapter (the extender I made is shown here as well):
Here is the extender laying on the sketch I made for it. The dimensions specifically fit a PM1340GT tailstock, a Z Live Center sleeve and a Royal Quad Bearing live center.
The Royal, the sleeve and the extender ready to assemble:
Here's the Royal Live Center with the modified/extended ZLC sleeve on it:
Here's the projection of the Royal using a tanged MT3/2 adapter. The center is retracted to the point where the quill screw begins to expel the center. Notice how much cantilever there is even with the center pulled back as far as it will go. The wall thickness of the tanged adapter adds cantilever as well as the tanged end. This projection and cantilever is what I wanted to avoid:
Here's the Royal with the modified sleeve. Notice that it will retract all the way to the zero mark before it is expelled and there's no excessive cantilever. Both of these are the benefits I was after. The wall thickness and length are the ticket!
I have attached the drawing of the extender just in case it might help someone down the road. Keep in mind these dimensions are for a Royal Quad MT2 live center mounted in the the tailstock of a PM1340GT lathe. Please be sure to confirm the dimensions that would work for your machine and center.