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I'd consider it a restoration. If they tossed that unibody away and started with a different one (or dynacorn) then I'd say rebody.
I do agree restore it to Day 2 - or most interesting era in it's history.
With the extensive repairs using repop parts it will never attain "as built" status or value.
Finally what are the credentials of the "restorer"? You need a lot of experience and knowledge of the details to get one right.

Since no one knows if the front of the car hit the telephone pole or the middle or back. Ray could of use sections to make another car.

NO ONE even knows if the "hit a phone pole" story is true. If it did it was not serious enough to total the car. The car was first offered for sale with the Doors studio/office phone number. Ray would have the original title to sell the car (or paperwork from the owner that the title was lost). That title would be surrendered to DMV when the car was sold with the new owners info on the back. DMV would then issue a new title. The car would not have been parted out at that time. You would lose your shirt. This was the time of $100 4 speeds Bellhousing to U joint $50 rear ends $3-500 engines and $10-20 for body panels. Parts of the car were not used by Ray on his race car. The car also seems to have been driven about 10,000 miles between the Doors ad and the last Ray ad. That lady in AZ may have an Elvis Cadillac - where did that story originate?

Seeing that the car/restoraration is a marketing tool for a major Mustang parts company I bet they will use as much replacement parts as possible to showcase what they have to offer.

Thank you - 110% correct. This whole exercise is about getting people thinking CJ when they look for parts. I'll wager they will not have the car judged at a Mustang or Shelby event beyond peoples choice.

Team Shelby will love the cover. Sounds like I had a lot more fun at the Cobra Experience on Friday night. Waco's a nice guy, known him for years - even bought his van he used to sell his snake oil to SoCal car dealers. But dinner with the old guard, the current SA management and 350+ enthusiasts was great. Even the dinner was better than the pizza we had at the last SAAC convention there. It was great to see the restored Lone Star (last time I'd seen it it was a hulk sitting outside) and get Mike Shoen to sign my Cobra Ferrari Wars. My Ferrari Red copy was at home but I was able to buy a Ford Blue one at the museum store. Here's a short walkaround by co-host for the evening Chris Jacobs for those of you who were unable to get tickets to the great sold out event. https://www.instagram.com/reel/DNrViWSwhgi/

Would the Dealer Added Ford Hang On A/C with out Documentation garner you Fewer or the Same Points Deductions as a Vintage Air A/C?  I would hope Fewer.

This is why I asked if it was a driver. Adding AC even a full 1969/70 setup will lose you points. A dealer added setup with receipts is still a day two mod. If it's not on the Marti it's a deduction.
The OP needs to understand there seems to be a current trend for these cars to be returned to as born. While his desire for AC makes sense there are those who will look down their nose at whichever system he installs. As for me his car his choice - I'm not into judging and don't like a cars history being lost by turning it into a day one trailer queen.

The last 5 digits of the VIN look different. The 3, the two and the 5 look different in size and font style. That is to me but Pete thinks they look fine.

Which one? Tag on dash - the VIN on the aprons? If only one looks funny I'd say it's ok if all look messed with I'd walk away.

If it's for a driver go with the Vintage Air. One stop shopping plus it fits and works great. Designed to use modern freon. The only thing I would change is to find and use the original Ford dash vents.

https://vintageair.com/1969-70-mustang-without-factory-air-gen-5-surefit-complete-kit/

How much is a 1968 GT500 KR yellow 4spd with AC convertible?

Answer: Whatever Ted says its worth

Pre or post Tim?

[five]

I hope someone ends up with a yellow KR convertible. They are very special and unique.

But all the 4 speed A/C ones are spoken for.
Ted and Rae Segerstrom's collection famously includes all five of the special yellow, 4-speed, air-conditioned 1968 GT500KR convertibles produced.

4? nope its 5. I might know a thing or 2 about them   
ps: only 1 yellow 4spd AC 350

Yes as AI said five

I hope someone ends up with a yellow KR convertible. They are very special and unique.

But all the 4 speed A/C ones are spoken for.
Ted and Rae Segerstrom's collection famously includes all five of the special yellow, 4-speed, air-conditioned 1968 GT500KR convertibles produced.

.....now they are impossible to find the correct ones

They lasted but have the look of pressed asbestos so they probably got banned.
It's the CA state rock: Since 1965, serpentine has been the State Rock, the first such designation for any state. The choice of serpentine was an economic one. Serpentine is a source of asbestos, which was widely used in construction and other industries. With more serpentine than any other state, California benefitted financially from this mineral.

Jim says it all - https://www.youtube.com/watch?v=ErsGS3RQNLI&list=RDErsGS3RQNLI&start_radio=1

are they white header gaskets I see?

Yes they are and they are supposed to be white.

I think I still have a white pair in the gasket pile - worth digging out?

Who really knows what makes people "believe"? Faith can be unreasonable and totally illogical.

There is always the CSX2000, still sitting in an underground parking garage near Times Square to stoke the dream...........The father is almost 90, I have not spoken to him since 1985 or 1986, but I still speak with his kids almost every month........

It was parked next to Leno's Duesenberg..... https://www.youtube.com/watch?v=RdIKJ80ReiY

[I agree it probably doesn't exist today but the loss was not due to Morrison's driving ability.]

It was a totaled car in the 1960s.

What PROOF do you have it was a totaled car in the 60s. Everything out there is based on conjecture. Left at the airport - the registered owner would have gotten a notice to pay the bill and pickup the car. Abandoned at a crash site - again notice would be sent to RO pick it up and pay the bill. If either of those had resulted in a lien sale by the tow company Morrison would not have been able to advertise the car for sale. The EVIDENCE is that it existed and was sold as a drivable car in "showroom" condition in 1971 with 10,000+ more miles on it than when Morrison placed the initial ad in 1969 to sell it. I agree it probably doesn't exist today but the loss was not due to Morrison's driving ability.

Just as much as you claim its still out there...

The last sentence of my post seems to match the general consensus of the car currently.