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You are correct sir,The release levers turn the pump and the input is turned by the disc.With todays clutch technology you could make this into a highly consistent bracket transmission.Todays clutch setups take the "violent" out of the launch.
Gus

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You can use modern clutchs to soften the leave, but unless you shove in the clutch to shift, the lack of converter slippage makes for a very harsh shift. The ClutchFlights were a crutch for the lack of good converters in that era; now with converter tech what it is, a C/Flight is a novelty/gimmick and is more dangerous than usefull.