Since this reel (I assume that it's the same one as they are so rare) was originally listed on here by the previous seller, I have tried to research these 'rings up' Perfects, and have come across the same theories about the purpose of the up-facing line guard, whether LHW or RHW, and indeed if the reels were used on 'top' of the rod with the rod rings (guides) upwards facing.
I had come across the same references you rely upon, and the explanations etc. but it still doesn't make sense.
The reason for the further research is that I have an identical reel of 3.75" wide Perfect of the same era with the up-facing line guide, sold to me as LHW.
Although the spring/pawl set-up appears to be as for a RHW reel, when the reel is placed on any rod, with the line guide obviously facing forwards towards to the tip of the rod, the handle is indeed on the left, and the check is much stronger on outgoing than incoming - voila, LHW.
However, in the 'rings up' position, and without any alteration to the pawl postion, now with the handle of the reel on the right, with standard clockwise RHW winding, the check is now stronger on incoming and weaker on outgoing, which simply doesn't make sense - unless the user is to wind the reel backwards (compared to ALL other RHW Hardy reels) on retrieve!!
Result - I'm simply not convinced about the 'rings up' explanation that the reel sits on top of the rod with the rod rings also upwards facing for the reason of the bizarre need to wind the reel backwards on retrieve to make the best use of the spring/pawl mechanism as designed.
All other comments humbly accepted