Welcome to the discussion area, George!
I think Apple may hide WEP settings because they may not want you to use them. You have to dig a bit to find the settings, and make some compromises because WEP cannot be used on 5 GHz and some "n" only settings, but there are options available.
Open AirPort Utility - Click Manual Setup
Click the Wireless tab below the row of icons
Hold down the option key on your Mac as you click on the Radio Mode selection box. There are 2 Radio Mode settings will allow WEP 40 and WEP 128 encryption to be used. They are:
802.11a - 802.11b/g
802.11a - 802.11b
If you select one of these modes, again hold down the option key as you click on the Wireless Security selection box and you will see WEP 40 bit and WEP 128 bit as choices for security.
You may also be able to use the WEP Transitional security setting. In theory, this will allow you to use far more Radio Mode options. WEP Transitional is designed to allow WPA devices to connect using WPA and WEP devices to connect using WEP. You can find more info about this in this
Apple Support Document.