My own main question is, why the cheap peep? The borderless checkering fits the '60s dating. However the usual G&H practice is/was/has always been to use the best available components but that cheap(er) peep doesn't really fit their image, at least not in my mind. The 48 was still being produced at that time so I wonder why? Strange.
Regards, Joe
In addiiton, the Lyman 48 slide was usually removed when the scope was mounted and a dummy slide replaced it. The removed 48 slide was often stored in a trapdoor butt plate. A reasonable scope mount height and good check weld resulted from the lack of need to clear the peep sight.
In this case, the customer may have had different ideas and requested the set-up as we see it.