The other thing to consider is, knowing Colt the way I do, they probably used the same VP stamps that were made for pistols.
Meaning they were flat and were being used on a round barrel.
That would account for a lot of the weakness of the stamping on one end or the other, hence the weak legs of the M.
Also the metal was moved by the stamp, not removed thus causing what some call flash. The raised metal around the stamp.
I don't know enough about rifles to say for sure but I know that the on pistols the VP was applied after final finishing.
One of the methods for determining a refinish is to take a jeweler's loop and look for blueing to be missing at the bottom of the stamping. If if is all covered in blue, it's been refinished.
Not sure what, if anything this adds to the conversation but I figure if you are looking to make these as correct as possible then more info the better.
Just remember, "With great power, comes great responsibility" *
This could easily be used for nefarious proposes.
*Uncle Ben to Peter Parker