Hey Steve
Have you tried duplicating the layer and painting out the bells. Then on the layer that still has the bells, mask them off and move the anchor point to the joint they should swing from.
If you only need to make it work from this angle I think you can get a passable result.
Turn on the motion blur, make the masked out bell a 3D layer and animate the X rotation. You can animate the hammer swinging inside in a similar fashion (dupe, paint it on on the bell, and animate).
If you play with the easing in the graph editor you can probably get a realistic movement. I had some success with the really quick attempt i tried. It won’t really hold water if there’s a lot of camera movement or anything that reveals it’s not truly 3D.