Not a racer, the F31-F32 were road machines, but strip off the mudguards and slap a Brookland can on it and it looks like a racer. To give them credit, Yesterday's does not call it a racer.
Well there have been a lot of engine swaps in the Dougie world (leagal or otherwise.) But perhaps the benefit of the doubt that one or the other owner copied down a number incorrectly. On the other hand, there are only two nuts holding the exhaust system on and the shift lever is missing so perhaps it is a recent transplant? According to catalog illustrations and some F/G models I have seen, they used the DT/SW front forks. This looks to be using the forks from an S6, the 600cc sidevale. Probably an improvement, as the DT/SW forks have limited travel. The trans is from a DT/SW, as while the F/G31 and '32 models used essentially the same gearbox, it had the addition of a kickstart mechanism, the lever being on the right between the chain runs. So this is a hybrid of F/G and DT/SW parts.
-Doug