"Anyway, if anyone is familiar with the circle track racing of those days, and can shed some light on just what these "hard-tops" were, I'd certainly like to know more about it, as I wasn't born until eight years later! Also, he refers to fixing a blown-off bell housing for $35.00, and if that were possible, I have one hell of a block from those days I'd love to fix! I'd even pay $40.00!"
Here's short video of exactly what it was and still is in some areas.
https://www.youtube.com/watch?v=55JFLUZ6OpE
All the cars in the video are flathead Ford powered.
As far as the bell housing goes, it is very likely it can be repaired.
I have done quite a few of those in the "olde dayz".
Most any cast iron welding repair shop can fix it.
You are not going to get it done for $40 bucks though....lol