Bruce,
Tele means that it's a telephoto design rather than a normal long focus lens. A long focus 240mm focuses at infinity with 240mm of belows extension; a telephoto design by contrast, needs about 1/3 less bellows extension for infinity focus. Two drawbacks to a telephoto design: generally a regular long focus lens is a little sharper and, (something technical about nodal points) when you use front tilt movements with a telephoto on a viewcamera, the image will move vertically on the groundglass, something a non telephoto won't do.
I don't know anything about the Bush Pressman. Is the bellows short enough that you need a telephoto to get a comfortable focus range?