Welcome to the site Tim.
The item that is causing debate here is not what was done to the car, it's the fender tag that was created to match what the owner did to the car.
We do not have all the details nor have most or all laid eyes on the car.
This discussion arises every now and then and boils down to three segments that participate here.
Owners that enjoy their cars and the cars history (does not matter that it was changed, just tell us the whole story and give us the original documentation and pieces/paperwork).
There are the racers, most would agree that the rare pieces are best left to the collector types and rather flog clones.
The business guys that buy and sell cars in various stages of repair or dis-repair. Some in this segment are un-scruplous and will attempt (repeatedly) to separate as much cash from unwary or unknowing buyers by modifying and mis-representing cars as being restored, when in actuality they have not restored them, they have created a car that essentially has no verifiable history, while stacking them with desirable color, options and fake documentation. Again, profiteering seems to be the motive.
Edit-> I want to stress the word some in the sentence that talks about businesses involved in restoration.
There is a large segment of restoration industry members on this site. Most are straight shooters interested in restoring cars or components as the factories built and manufactured them. I applaud these guys (and ladies?) that work endlessly to get it right.