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I believe that shoulder harnesses (front) was an RPO for 67. Not very common though. I've seen a few and have a couple Marti reports and build sheets to support it. Have never seen rear shoulder harnesses in any Mustang through 78 personally.
I agree that is probably was a demo car, but it has so many things that are incorrect in its current state (and not just talking about user modifications like the exhaust or wheels!).
wrong radiator cap. wrong shocks, latter hood, 2 hood grounds
The early hoods did not have the punched holes favoring the driver's side that are used to route wires through for the hood mounted turn signals.