Status report:
Paul has two broken bones in his foot and will be off it for a while. Being that he is self employed, I am not sure about insurence and such, so this cannot be good finacially, but he will be alright, and just needs some time to heal up. Luckily the trans wasn't real hot yet, or it could have been far worse.
Based on what I saw, and what my engine builder is seeing as he pulls what's left out of the car, the over running clutch is what failed when it spun in 1st and he lifted. The convertor and flex plate are all in the car and intact. The trans is what let go in the drum area. Not good, but a Griener LBA VB was just ordered.
And no I don't believe this car was green. It came to the shop in all brown primer, and a pile of boxes and missing a lot of parts.