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Well, this is interesting. I looked at my pickup (which was painted by the previous owner) and the hood latches are installed the way hudson describes - with the opening towards the engine, likely for the same reason he gave. There are a bunch of other non-authentic things as well so I'm not putting any credence to this. The picture I took above is my Town Sedan, and I believe that is the original (and logical) 1930 installation.
Look at it this way, Hart - if this is the most complex decision you have to make as you build your car, consider yourself lucky.
JayJay