Hi
I'm no expert either - I got my information by asking around and by reading the Gretsch and Gladstone books.
It is a "cool shell" as far as what it used to be and maybe even the history if we could find that out. But in my opinion this shell would be no more valuable than any Gretsch shell selling with no badge or hardware that has been altered (extra holes and/or cut down) = asking price on eBay maybe $30-$50.
The Gretsch-Gladstone engraved on the wrap might be worth some money to a hardcore Gladstone collector or maybe not. I'd pay $10 for the old wrap but I wouldn't want the shell.
It looks like it was a TwoWay Gretsch-Gladstone because there does not appear to be tone control holes near where the throw-off was located. If the drum did have reinforcement rings it would be pre-war from what I've been told.
Having said all this - people will pay what they want to have an item they have to have............so you never know what something like this will fetch.
I am a Gretsch player/collector and I do have a LangPercussion drum. I would love to have a Gretsch-Gladstone drum but I'm not interested in this one. From what I know about Arnie Lang - and this is just a guess on my part - I'd have to think he'd not be interested in doing anything with the shell. He's very particular about what he puts his drum parts on.....I know that from experience.
Gary I don't know a thing about the Gladstone drums. What year would this be from? Was this something Gretsch continued with the "Gretsch Gladstone" engraved on it? Aside from the holes and cracked wrap it's a very cool shell. In the right hands I feel it could be repaired and a nice player grade drum. What do these go for in nice complete condition? Would Artie Lang be able to supply the parts for it? Or would it not be worth it in the end cost wise? Would be a shame to see this lost to the abyss. But I see your point about it maybe being cut down. I don't think the engraved part would be so close to the edge? I saw the price and feel it's a bit much for what it is. In the end it'll just be a nice player condition drum. But a pretty cool one though!