First, Colt never converted semis to full-auto. That was a strict policy set by Colt's attorneys for product liability reasons.
Second, remember that all transferable conversions were done prior to May 19, 1986, pre-internet days.
Thus, many Form 1's were done by folks who believed that since it had Colt's info on there, they did not need to engrave anything else. (People still argue this one today re: SBR's.)
Also, back in those days, NFA Branch had not yet issued its requirement that the engraving be placed "conspicuously." Thus, even big-name 07/02s routinely hid their marks -- on AR RR's, a common place was on the rear bottom of the receiver, under the pistol grip. Removing it and checking the tang there is Step One when someone claims his SP was converted by Colt.
Finally ... and most important --- I would not touch this particular RR conversion because some markings -- the serial number? -- have been removed and reengraved. Look carefully at the photo of the mag well markings -- you can still see a faint echo of the original markings.
Removing a marking for any reason is a very big no-no in ATF's eyes.
I would stay far, far away from it. Your Mileage May Vary.