Hey Glamis,
It will be out of the system, but you won't have back penalties either. That is the pro side of CA's 'out of system' vehicles. The down side is that you will have to have it inspected by the chp prior to registration, one thing of which whey will want to see is a BODY vin number. You are borderline. In my case (41), they have to place a new vin tag on the body somewhere as they will no longer rely on the engine block for that number, which is how they did it up to the mid 50's.