I think that if you, me, we are using a car like CSX3232 as an example, then there are several things to consider.
Certainly in the case of the comp cars, more then one have been completely re-created from the "remains" of the original. Many have been resold and personally I haven't heard of any "fraud" lawsuits involved.
It doesn't seem to be limited to original Comp Cobras that new purchasers accept the current existing car as they would the original and continue to race it?
So reconstructions of a twisted basket case race car seems to be more acceptable then a street car? It should also be noted that it may in fact be the SAAC Cobra Registry that coined the phrase, "air car", i.e., one that is constructed completely out of thin air, not even an original bolt.
Having said that, what is the acceptable level of replacement on a wreck like this? Records are attempted to be kept and the decision is up to the potential new purchaser?
It may even be a legal fact, that legally if you own the "title" in some way to a vehicle, that you have the car? I'd need a legal opinion on that but this potentially could be somewhat of a "thorny point" on the "Morrison 500", not to insult or accuse Brett of anything at all since he owns that California Registration. That's another subject though.
When I mentioned a car to our Cobra Registrar, and it might have been this one, his reply to me was "I want you to be aware that what you are looking at is not the car that left Shelby American". I think that says a lot if not all, so anyone interested in buying an "original" Cobra has to make a determination of how satisfied they are with what the car currently is?