Jay.
A Fly Off handbrake is the term used for a quick release handbrake........... to release simply lift the handbrake a few millimetres and let it fall to the tunnel. to lock handbrake on simply raise handbrake to lock rear wheels ,then push in end of handbrake to secure toothed quadrant and internal pawl.
A standard hand brake uses the push button to release and disengage the ratchet, however it must be depressed throughout the complete release cycle.or it re-engages with the ratchet.
Competition cars usually employ a flyoff handbrake to assist in handbrake turns in rallying, driving tests, hold the car at start of Hillclimb or Sprint etc.
If your Ace handbrake ratchet system ( Quadrant and pawl ) are worn, then contact Clive Bowyer as I believe a few sets are still available via " ACOC spares - Acedes". Price approx £105 / £110. I had ten sets specially made in May 2005 and paid for by ACOC. I know at least 6 sets sold within a matter of weeks. If they have all sold We can get another batch made to the same high spec within a few weeks.
Jay... dont try hand brake turns on your Ace as the Ali transmission tunnel is not built to withstand abuse unless you have reinforced the rear of the tunnel to the rear fireproof bulkhead.
Enjoy
Keith