While the statement above is true as far as it goes, the difference between the two bell housings is the difference between V-8 engines (all gassers), and inline engines (which include both gasoline and diesel engines).

To address the OP's question, the V-8 trans could be kept as a source of internal parts. And yes, that trans is a direct bolt-on to all aluminum block M116/117 engines, and can be adapted to the iron block versions of same.