the LCD font size is already reduced to the minimum, for 55 characters 220 pixels are required.
But you could easily combine two 128x64 LCDs (data/control lines have to be connected in parallel, only chip select lines have to be separated)
All button and LED functions are free assignable, and there are two layers which allow you to make two button functions selectable, see lc_io_tables.inc
This program allows you to change the ID header without reburning the chip --- use this program with care and read the informations given in README.txt!
i use 2x 128x64 GLCDs in my MBLC and it is a really nice solution, you can have all encoders and buttons to line up decently with the tracks colums/pots
It means, that CS1/2 of the core are connected to the left GLCD, and CS3/4 to the right GLCD
If you would use a 240x64 display, you would have to connect all 4 CS lines to a single GLCD (because in fact such a GLCD consists of four KS0108 controllers)