Mike. The cable on my '46 Deluxe Coupe, is clipped along the drivers side fender, and passes between the rad support and the inner fender. There is a small hole in the hood locking plate where the inner wire passes thorough to the hood release. In one picture there is a loop of mechanics wire, that I connected to the hood release, and I can access from underneath the car in case the release wire breaks.
My hood release was very hard to pull when I first got the car. In fact, a PO broke one of ear off the handle at one point, pulling on it. I disconnected the inner wire at the latch end, pulled the wire out of the outer housing, and found it to be very rusted. I cleaned the wire with steel wool, squirted some ATF into the outer housing and reinserted the wire. Working it back and forth 20-30 times loosened it up. I also lubed the latch parts, so now the hood can be released with a light pull of one finger. As far as the wire breaking, this can be caused by overtightening the set screw in the lock collar. There was enough slack on mine that I could set the lock on a fresh section of the wire.