It looks interesting, but with the Collings F-4D and the Heritage Flight QF-4s, I don't see this as overwhelmingly inportant project from a restore to flying status standpoint. The opportunity to see and hear and F-4 Phantom IIs at air shows does exist today.
It would be nice as a unique and early version of the Phantom to see it in the air someday. I vote for the markings in that first picture in the link - the one on the carrier with bright day-glo markings. That would make a real standout aircraft for air shows.
(And it would be a great airplane for Navy "Legacy" Flights).
Jim C.