I saw it too but decided to not post it since it isn't a 911 (you now, off track posting and such.). Anyhow, I thought that for a hot-rodded 912, this was pretty cool. Most of the modifications which people trumpet as being unique and desirable (such as SBV8's and ugly steering wheels
) I find of doubtful value -- to me. This one on the other hand looks pretty stylish, well put together and not "over the top" in an in-your-face sort of way. It would be a pretty cool sports-car to own.
As far as the Carrera Pan-America, notice that it was in one of the recent Carrera Pan-America REVIVALS, specificaly 2001. And it was entered in its original standard coupe form, not as picture. It was not in one of the original 1950's version that helped to create Porsche's mystique. So while the seller isn't lying, the references to historic and such is just salesmanship. While he may think that it should be vintage racing eligible, I doubt that any of the Vintage Racing organizations like the VSCCA, HSR, etc would accept the car as anything but a pace car.
To be honest, the one thought that really hit me in the head was...
The roll bar! It's not padded and the seats don't have head rests.
Ouch!