Great thread-- took some time to look through it (also various other info on the web).
The pics 'jbntex' posted were especially informative... in particular, the sheet metal channel looks
(to me) like it's WAY less important structurally / functionally, than the rest (*in particular, less important
than the trunion, which seems to be the other option for the registered part).
Put simply, it looks to me like a registered receiver / registered channel M-60 lets one
replace (have replaced) everything that matters... sure, there might be some cosmetic
issues (with the channel), but I can live with that... particularly on a gun that's really
'not original' in any way.
Versus, the premium paid for an original Saco Defense gun... e.g., there's an original E3 for sale
right now on Sturm for ~$68K:
http://www.sturmgewehr.com/forums/index.php?/topic/8903-saco-defense-m60e-3-67900/
As pointed out, would it really make sense to pay a premium for an 'original' gun like
this, then upgrade it to E4/E6 configuration? Probably not for most.
IMO, given the price differential, paying the premium for an original only makes sense if you're
mainly a collector / plan to keep it like it is. I understand this point of view, but I think I'd personally
be just as happy with an RIA gun that's upgraded to the "latest and greatest" configuration, with
modernized parts, etc..
My $0.02...