One thing that may play into your decision on the bellhousing is that the McCleod comes pre-indexed. I'm not familiar with the Quicktime, so don't know if it does. I know that Lakewood bells don't, and you have to index them. Just bolting on the McCleod and not worrying about it was pretty nice.
You most likely will have some clearance issues with the McCleod bell on the driver's side. I had to flatten one tube on my Hooker Comps to clear the McCleod bell. Mine is for the TKO-600, though, so your mileage may vary with the T56 one, but I doubt it.
I'm no expert, but I'd say the 10.5 vs. 11 is really going to make no difference on your build. When you put the 408 in, you'll have to yank the engine anyway, so you can always change to an 11" easily at that time.