I have had several 697 bell housings over the years. They all had the same figure 8 shaped casting on the inside of the housing.
I converted one to lower the pivot stud to the proper position.
I machined an aluminum plug to fill the pivot stud hole. I Tig welded it on both sides. Then I milled the rear face of the Bell and the aluminum casting on the inside. Then I drilled a new hole in the lower position. I had to also mill the recess for the pivot stud and finally tapped it. It is labor intensive but yields a factory style bell housing. I might do another over the winter.