Unfortunately, the great Houdini figure toy never went beyond the patents office (as far as I know). In fact, a Houdini action figure of any kind was conspicuously absent until Accoutrements released their Houdini Action Figure in 2005.
UPDATE: The great Pat Culliton informs me that a prototype for this toy was made and owned by the Hinson family. Indeed, you can see the prototype in this photo from the collection of John Hinson.
Today the whereabouts of this Houdini Toy is unknown.