Hi John,
I am restoring a similar Shelby-Ideal to yours. Shelby-Ideal was apparently an entirely separate company from the 20th-century Shelby, although it was likewise located in Shelby, OH.
My bicycle is a 20"-wheel juvenile version, but most of the parts look identical to your Model No. 40. Mine is mostly complete but has led a hard life. Some of its parts are damaged or are incorrect substitutes. In particular, its drive-side bottom bracket parts are wrong. You mentioned the "odd ball" bottom bracket. I'd be interested to see a photo of what the correct setup looked like.
Your original post is from a year and a half ago. What are your plans, or what has become of your bike? I am not a fan of parting bikes out, but if yours has already gone that direction I could use some of its remaining bits. My bike needs bottom bracket parts, the correct block chain and chain adjusters, and a good seat post.
Thanks,
Paul