Step 1: Substitute the operations based on the given conditions.
The given operations are mapped as follows:
\[
\times \rightarrow +, \quad + \rightarrow \div, \quad - \rightarrow \times, \quad \div \rightarrow -.
\]
Now, we can rewrite the expression with these changes:
\[
8 \times 7 - 8 + 40 \div 2 \rightarrow 8 + 7 \times 8 \div 40 - 2.
\]
Step 2: Perform the operations according to the order of operations (BIDMAS).
First, evaluate \( 7 \times 8 = 56 \), so the expression becomes:
\[
8 + 56 \div 40 - 2.
\]
Next, evaluate \( 56 \div 40 = 1.4 \), so the expression becomes:
\[
8 + 1.4 - 2.
\]
Finally, perform the addition and subtraction:
\[
8 + 1.4 = 9.4, \quad 9.4 - 2 = 7.4.
\]
Thus, the result is \( 7.4 \), which is equivalent to \( 7 \frac{2}{5} \) in mixed fraction form.