Snail, this document is almost identical to what the AOMC proposed to VicRoads, so I think we have them to thank, not the Police.
The options for a replica are interesting. If I read it right you could build a replica 1969 Mark III Cooper S (UK spec) with a brand new heritage MkIII shell and have it legally on the road as a "2009 build replica 1969 Mini". The same for a Choke-shelled replica Moke.
Overall, I'm very happy, just slightly concerned about the mods part. My Moke has non-standard wheels, seats, roll bar, and a later 1275 with Auto. Nothing unusual really, many cars currently on Historic plates have similar mods. None of these mods were a problem under the old Victorian system, I hope they will not be under the new one either.