I like what you're considering. Certainly you've run-across info on the early ARROW SPORT V8. Check the link below for a few more details. The engine was a Ford V8, but was alloy, and most-likely used some of the 10 elusive, aluminum blocks built by Ford for the project. The propeller was driven by a gear-reduction box. See the link below.
http://en.wikipedia.org/wiki/Arrow_Model_F
Also, see the link below for a couple of pictures currently displayed in another thread currently "playing" on the FordBarn. Interesting project! Filter thru the incidental stuff to get to the good stuff.
Any guy with a 195 (L126) and a Stearman must know his way around novel, old flying machines. DD
http://www.fordbarn.com/forum/showthread.php?t=117982