Re: 1957 35HP Big Twin (hitting hard Knocking)
HI big baller. The part in your pic is called the "flywheel" and you can leave it be for now. The head gasket isn't really visible because it's sandwiched between the head, which holds the spark plugs, and the engine block (see pic). To replace it, you'll have to remove the head itself. Just be careful as the headbolts may be frozen. Loosen them slowly and apply heat if necessary. However, it's a fairly involved job for a beginner. So lots of reading, ask question here and make sure you have all the replacement gaskets ready to do. You'll also need a torque wrench to reinstall the bolts.
EDIT:
Yes those are the headbolts. You may have to remove the power head to access the lower ones if your cowling is not removable. I'm having the same issue with my '66 20 hp.