I had not heard of the Masano, but fiberglass was an exciting new media at the time that didn't require a lot of tooling and as the article said, the HJ chassis was a great start for a sports type car. Actually, there wasn't particularly any other American car with a frame & IFS that was that short and light. The Willys 2WD SW & Jeepster had frames, but the frames were heavier and had that weird Planadyne IFS.
I saw an article just recently that claimed Willys was considering the Woodill for limited production, but with the Kaiser take over, those plans were dropped in favor of the Darrin. Take over or not, I don't think Willys gave much consideration at all to the Woodill.