We demonstrate tunable time-slot interchange of 40 Gbits/s optical data packets using a conversion-dispersion-based tunable optical delay element. Odd and even data packets are extracted from an input signal, delayed relative to one another in a highly dispersive medium, and then multiplexed back together. Tunability is demonstrated by operating with two different packet lengths, 182 and 288 bits/packet, and a bit error rate of <10(-9) is achieved.