Frank-
Thanks for your input. If the Peavey factory would never allow that, then I wonder if they ever shipped replacement bodies to their dealers without finishes, so that any color T-40 could be resprayed locally?
If that is not the case, then I can only assume that this one had been stripped down to bare wood by a previous owner. That's not hard to believe, actually because there is evidence of rough sandpapering in some small areas. Lots of scratches, as well, but some look as though they had been part of a mechanical stripping process.
Once again, I'm actually relieved. I was really unhappy with going forward with a complete electronics restoration, full setup and new pickguard and new strings and putting it on this existing body, with nearly all the finish gone from the front, and massive checking and belt rash on the back. I just wasn't happy with the overall appearance, but was afraid to mess with its "originality".
Now I can go ahead and sand it smooth and get it properly refinished in a matte (tinted?) polyurethane and it will look good as new, as well as being electronically restored. It's nice to own a vintage instrument, but even nicer to be able to USE and PLAY the same instrument with pride!