Ahhh, the Z50 K0/K1 hood ornament and....Yes there is a slight difference in the stamping that's easy to see once pointed out. On the repos the stamping is sunken in around the lettering. On the originals it's flat and sharp. I personally think the repos look nicer and are perfect every day of the week. Some guys have restored the originals but that's way beyond my patience and skill set. I was the kid who always got glue on the windshields of my models.
I've had "limited success" by just lightly color buffing originals. In lightly I mean very soft cotton or flannel loose buff at a low rpm (1500 rpm or so), not your bench grinder running at 3600 rpm. Use green or red rouge. Depending on how scratched up it is, there is a chance It may come out to your liking. Be careful because it's very easy to buff through the chrome if your chasing deeper scratches. When color buffing these, more work is not better.
As far as the red/white color goes I have no clue. I have some dark and some light. Thinking it's just how age takes its toll. If you give it a try, post some pictures. By the way I think I got that nice original from Kirby.