It looks as if the seller of the '49 got $20,000 for the creation that spawned this thread. Going back and taking a look at it again made me think a bit more about this particular "restoration". Other than the dash, the doors (maybe), and part of the bed I don't think that there is too much of the original '49 left. Since we don't know what the builder started with its a bit unfair to judge simply on the final results. Although I can't stand the colors I do appreciate the workmanship that with into this project. I seriously doubt that the seller recouped all of his investment, especially if you take into account the time involved.
Personally, I like the 5 window in the background. If this truck was butchered to look something like the subject '49 I would definately say it would fall into category 1. Years ago I was told that my '41 would fetch much more on a resell if I lowered it and rodded it out. The future monetary value of my truck is not what my project is all about.