Reducing max. ink limit from above 240% to 240%

[rich apollo]

Matt,
For the 'cheat', you're correct - some assembly required.

Hannes could start with readily available profiles, however. Here in the US the US Web Coated (SWOP) v2 is a reasonable assumed CMYK colorspace. Since he's going to 240% he's, most likely, running coldset newsprint. There are profiles available from IFRA and SNAP.

By the way, I'd recommend using the perceptual rendering intent for this. The US Web colorspace is larger than the coldset newsprint colorspaces. If you go with a colorimetric rendering intent you'll get clipping.