I certainly don't know enough about RR's to comment on the orientation or spacing, but the letters for 1970 certainly appear correct. I wish it weren't shot so heavy with paint, maybe thats part of whats making everyone on edge.

Are there any pictures of the tags before the restoration?
After stripping the original paint?

I keep very detailed pics of my car's tag, prior, in process, and finished for this very reason, in case someone ever questions it.

I'll be curious to see what others will say