This thread seems to have run it's course already...since I'm on the digest, I'm often 
a couple days behind on some discussions.  But I thought I'd weigh in with my 
experience anyway, for whatever it's worth.

I bought a completely restored 1965 Triumph Bonneville motorcycle last summer...every 
bit taken apart, cleaned, repainted, restored, etc...sounding much like Jeff's Mk.III. 
 It included a BRAND NEW set of Smith's Tach/Speedo/Odometer, obviously with the 
mileage set at 0.  Also obviously this 36 year old bike technically had more than 0 
miles on it.  The man who restored it said it had about 40,000 miles on it when he 
started the project.  But to him and me, the buyer, it was as if starting from new.  I 
had no problem with the fact that the odometer was at 0, nor did the Virginia DMV when 
I titled it.  I simply checked the box that said the odometer mileage did not reflect 
the actual mileage on the vehicle.  There wasn't even any additional question about it 
from the clerk at the DMV.  And I like the fact that I'm keeping track of the mileage 
since restoration.

I would imagine that most, if not all DMV's make allowances regarding restored antique 
or collectable cars.  It's not as if this is an uncommon occurrence.  Nor would I 
think any knowledgeable potential buyer could be led to believe that a 35 year old 
Spitfire would have such low original mileage if you ever decided to sell it.

Stuart

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