1930 dodge roadster

If I remember the Clutchflite is a 727 with a clutch instead of Torque converter . There is a link that keeps the pump running when the clutch is disengaged .
You would use the clutch when starting out and stopping just like a manual trans .
The valve body if stock would shift automatically without the need to use the clutch .

The Clutchflite was one of those ideas that preceded the "tuned" Torque converter for drag racing .

Seems a "bit" outdated today .

If the roadster was mine I'd drop in a 318 or 360 and 904 or 998 or 727 depending how it were to be used .
Heck if was to be a cruiser why not a magnum V6 and 998 . It would be lighter get better milage and easier to steer and stop .