Thanks guys for the good thoughts. I think I'll go the 14 gauge route with inner tube gaskets and rivets or welding. Sealing up ALL the holes may be a bit tricky. The fan on the 235 sits really low - the very bottom of the blades swing below the radiator so the rim of the shroud fan whole will not even be able to go entirely around the fan... (see image)

http://picasaweb.google.com/lh/photo/oMzSpp2lMxrxUGUVPaJhzw?feat=directlink

A 235 in a '40 sounds like a pretty common occurrence so I'm guessing that even a partial shroud will make some improvement. I see there are short shaft water pumps and water pump offset adapters (which I believe requires moving the radiator forward?)

Shrouding what I have is the most preferred option. Does anybody have any strong feelings about the other potential options?

Warmly yours,

Doug