Something I just taught myself tonight, figured I'd share as well as post it here for future reference.
How To Make Basic Bell Sounds in Audacity [Number settings are for example only]
The High Note
(1)-Make a new RISSET drum track, FREQ: 1715 , DECAY: 9.30, CENTER: 100, WIDTH: 10, NOISE: 0, AMP: 1.0
(2)-Cut Risset track length down to the first 3 seconds
(3)-FADE OUT entire Risset track 3 times
(4)-Lower gain on Risset track moderately
The Low Note:
(5)-Create a new TONE track (SINE) with a lower octave but same time length as the Risset drum
(6)-FADE OUT the tone track 3 times near its beginning, starting about 20% of the way in and going to the end
(7)-Lower the tone track's gain to blend well with the Risset drum
(8)-For a clear sound, the tone track's note should match the note of Risset track (a low C and a high C, for example)
The Percussion Sound:
(9)-Generate a new PLUCK track, PITCH: 105, FADE: Gradual, DURATION: 1 second
The Final Mix:
(10)-Render all 3 tracks down to one
(11)-Apply Paulstretch effect, FACTOR 1.3, RESOLUTION 0.4
(12)-Copy track to clipboard and undo Paulstrech effect
(13)-Paste copied Paulstretched track as new track
(14)-Lower the Gain moderately on Paulstretched track
(15)-FADE IN the Paulstretched track so the initial ring isn't heard
(16)-Render both tracks down to one
We could layer more, or add any number of effects after that, but if you plan on modulating your new instrument with SETSOUNDINSTANCERATE watch out for strange tones at varying frequencies.
If anyone comes up with another cool sound formula I'm all ears and a couple of noses.