OK, so I am doing some internet research, and I came across the following.
Those old enough to remember might know the name "Paul O'Shea"; google him if you don't. He was a fairly well known racer in the 1950s and was often racing in either a gull wing or roadster 300 SL. But he was a singer as well, recording an album entitled "Paul O'Shea - Sing a Song of Sports Cars" and has a bunch of parody songs on it. Vinyl, 1960, from the long-defunct Riverside Records.
While searching the Riverside Records catalog of the era--which did a lot of well known jazz greats of the era, such as Bill Evans--I cam across another rare gem, called "A Sound and Pictorial History - Mercedes Benz 75th Anniversary" from 1961. Also vinyl, of course. Found it in near-mint condition, complete with the album insert photo pictorial!
You can google either of these exact titles, and there are probably used copies for sale on eBay, etc. I found a used record dealer and snatched them up.
While celebrating my finds with a friend, he alerted me to ANOTHER recording (easier to find; it's on CD) by the late, great Peter Ustinov, entitled The Grand Prix of Gibralter.
This is Sir Peter Ustinov's 1958 spoof Grand Prix commentary Recorded for Riverside Records, Ustinov does all the voices & engine noise of this imaginary event set in Gibraltar with some gloriously politically incorrect national stereotypes that wouldn't seem out of place on today's GP grid.
Side 1.
1. Prologue Peter Ustinov 6:47
2. Interviews With: Von Grips, Attbauer, Orgini, Fandango, Foss, Dill, and Russian Observer Peter Ustinov 16:39
3. Driver's Meeting Peter Ustinov 5:55
Side 2.
4. Governor's Speech Peter Ustinov 2:31
5. Le Mans Start Peter Ustinov 3:19
6. The Arrival of the Duke Peter Ustinov 2:17
7. The Race: Fanfani Pit Stop, Wildfowl Pit Stop, Orgini Pit Stop, Fanfini Pit Stop, Halfway Report, Russian Observer, Schnorcedes Pit Stop, Pinfall Pit Stop Peter Ustinov 14:31
8. Epilogue Peter Ustinov 3:31
Since that one is available on CD, I'll wait until my other gems arrive!