Fair comment, but why fit the GT guard badges in the wrong spot?
Why do you ask, you know that most of these cars no longer have the orig fenders and there are no reproduction GT specific fenders that have the badge holes drilled in them, least of all in the correct place, therefore it's up to the installer to locate them in the correct position which in my experience, very few people do.
Also, as you know, even though the badges are in the wrong place, it does not automatically mean that it is not a GT even if it has factory fenders with a correct date code as the original GT fenders could have been replaced with good used fenders.
Monroe at the Mustang shop had an entire container filled with NOS and good used original sheet metal and Jin at Mustang Salvage in Orange had tons of it.
...but the lettering was spot on and going out of their way in great lenghts to clone one?
Now that doesn't make sense.
Well that would be a great feat if the letters were the original pin type, especially considering that the pins on the repo letters are not all in the same location as the factory ones, therefore, if you install them in the factory holes, they are not all straight.
Some questions will never be answered but since it was a rust bucket as I suspected, these points are moot anyway.