Your tank is the same depth as mine--24". I have a 180 with 3x175W MH 10Ks, so our lighting is the same. One question is where he came from and what lighting he was under before. If he was under very strong lighting, then he might not be getting enough light on the bottom. I wouldn't move him all the way to the top immediately, as that could shock him.
In Knop's book, he describes the algae system of clams. The algae in clams is not intracellular, but there is a separate system for it, kind of like our lymph system. The clam can actually adjust the amount of algae in its algae system based on the amount of available lighting. If he'd been kept under very intense light, then he would've reduced the amount of algae in his tissues. In your case, it sounds like the clam isn't getting enough light. Therefore, the gaping mantle. Also, over the past few days, the clam has probably also been increasing the amount of symbiotic algae in its system. If he is placed under too much light too fast, he could die of oxygen poisoning because of the increase in the amount of algae. So you don't want to move him all the way up all at once.
I'd suggest moving him up no more than halfway int he tank, then leave him alone for at least a week so he can adjust. Make sure he's propped up good on the rocks and not "perched" precariously in a position from which he would be able to fall down. Be patient with him as the worst thing for him will be moving him around too much.
Another question I didn't ask is whether he has been moving around any. Clams will move to find the best light. When I put my maxima in, he was on the left side of the tank on the bottom and he started moving toward the center of the tank. He was looking for more light, so I moved him to the right side of the tank (where the lighting is more intense, due to the arrangement of the LR) and he has settled in and isn't moving around much any more. If your clam has been moving, he's definitely looking for more light. (If he's been turning over on his side, on the other hand, that might be an indication that he's under too much light, but that wouldn't be consistent with the gaping mantle issue.)
I don't think the gaping mantle is irreversible nor do I think that this clam is a lost cause. I'd just move him up a bit and keep an eye on him. The fact that he still retracts quickly when a shadow crosses over him is a good sign that he's still relatively healthy.
It would be nice to see a pic of your clam. However, a few questions to make sure that we're on the same page. The excurrent siphon should look kind of like a little "volcano" in shape. Is that what it looks like? The incurrent siphon should be a little "slit" and you really shouldn't be able to look into it and get a good view of the clam's internal organs. If it's shaped more like an almond, and you can see his insides, then that is a gaping incurrent siphon. If it's more of a slit and you really can't see inside, then that is normal.
Finally, as I mentioned in my prior post, if you're going to be keeping clams, I highly recommend the Knop book. It's not very thick and reading and understanding the systems of clams and how they work will be invaluable to you. The book's not cheap, but less than the cost of a clam.