I assumed the shutter mounting on the Argus 40 would be straightforward like most cameras of the era, but this is not the case. Just to get to the back of it two slotted nuts must be removed so the film gate and its associated structure can be removed. Then there are a series of shims for setting the focus which have to be removed to get to the retaining nut.
But then there is a plate that holds the shutter cocking/double exposure prevention mechanism and this mechanism is attached to the shutter. This prevents the shutter from being pulled out thru the front and it prevents the plate from being pulled out thru the back. I could see no way to disengage the two, although there has to be a way.
I don't personally have any knowledge of the 40 (the C-3, yes), but there is a group, the Argus Collectors Group out on the webz that does have some information online. If there's nothing pertaining to the 40, the ACG also has a Yahoo forum where many wild and crazy questions are addressed -- there are some seriously hardcore Argus folks out there. If nothing pops up here you might try that.
I haven't had to take my "40" apart, but it looks like you can get to the guts of the shutter from the front by removing the front lens cell and working your way in. The older Argoflexes have leaf shutters that are similar, and I have gotten into the shutters on those.. The "75" has a single speed rotary shutter that is completely different.
Tim, did you find an answer to this yet? A number of years ago I took my 40 apart and pretty much overhauled everything, including the shutter. I honestly don't remember the details of how the shutter came off, but I took some pictures that may be of some help. There appears to be a retaining ring on the back side of the shutter, just under the shims you mentioned, with two slots for a spanner tool. Could removing that be all that's needed?
I'm currently working on the light leak, which apparently comes on thru the shutter button.
Removing the retaining ring still doesn't free up the shutter. If you look to the right of the rear element, at the 3 o'clock position in your picture, note that there is a brass bell crank thingy that connects thru the camera body to the release lever on the shutter. That connection prevents the shutter from being removed.
OK, so I just checked on my Forty. When disassembled to the point shown in the picture and with the retaining ring also removed, the lens assembly can be pulled out the front. There is a D-shaped pin on the back of the lens assembly which engages with the linkage here:
You can see the end of the pin protruding through the linkage. In my case the pin is not a particularly tight fit and it just slips out when you pull on the lens/shutter assembly - no threads or anything. But maybe yours is just a bit tighter fit and needs some persuasion?
Oh, and you'll find that there is a black flash wire (also seen in the picture above) which keeps you from completely removing the shutter. You can un-solder it at that rear connection and then pull it through if you want to completely separate the lens/shutter assembly from the body.
The pin (or stop) that is right above the front cell is slotted and unscrews. You need a very small jeweler's screwdriver. When you remove the front cell count the number of turns needed to unscrew, and note the exact position of the cell when you can lift it out. The thread is a multi-turn thread and if you don't start it correctly when you replace the front cell the lens won't focus correctly.