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Love it! A long time ago I was on the track (an old airport) in my rattle trap Healey and there was a beautifully prepared Fiat 500 (wide tires, flared fenders, red and yellow paint). He hit all the vintage race circuits in the PNW. It was a bit of a cheater in that it had a 850 4cyl in it but he still started first in the handicap race.And there is the Guzzi connection: Carcano apparently put his prototype Guzzi V-twin into his Fiat 500! http://miamacchinina.blogspot.com/2017/10/la-500-dal-cuore-guzzi.html
According to all sources I came upon the V2 vas developed for the Fiat.