Thanks for the lock. I had rather naively assumed that Bill Cowley's present car (bottom image) was the same car with the roof removed - I've no idea if this is correct.
I believe you are correct. The yellow #48 car I posted above is the puzzle car, but with a slightly modified nose. The black
750 Racer cover car looks to be the same car again, but with a new color scheme and a few more modifications. I've since looked into Bill Cowley's car and multiple sources confirm that it was passed down from his father. Based on this, and the evolutionary steps that can be seen from the puzzle car, to the modified yellow car, and then to the
750 Racer cover car, I believe you've correctly connected the puzzle car to the open-top racer now owned by Bill Cowley (hence the thread lock). However, you still need to answer the questions regarding the car's original name, builders and engine.
Evolution of an old racer: