ooooah I've seen worse (ask me, go on, ask me ) but I'm sure it will pull straight with a bit of cutting/relieving and IMHO definitely go for phase 1 on the nose. If you're going to sink some money into the restoration its best to make it resemble the correct marque for its age/commission number.
Saying that you wouldn't be drummed out the club if you stayed with the phase 2 look.
Do you still have the original P grill hanging up or did that go with the original nose into the scrap? If you like the P on the front then this was only a phase 1 option ....food for thought
The old register news letters do look to be in good condition Kim and do make great reading. We have a lot of these(may not be a complete set) in the archive and anyone with the time to scan them all only has to jump in and have a go......