Yes, that is a really nice Lennon/Ono nice SP and superb restoration work.
I'm not a fan of cuts. That's just me.
Restoration, if done correctly and doesn't affect the signature, is worth while in many cases. Hakimian's John and Yoko is a great example.
I've had torn, water-damaged and varmint-eaten posters restored to beautiful versions of the original. In their damaged state, most people wouldn't have them. Restored? They look fantastic. The autographs were not touched but the facelift to the surrounding paper did wonders. I've never restored any piece I wasn't 100% sure that I would keep for a long time.
I'll give you a weird example of something I cut out of an autograph. I was about 14 years old, and I'd go to this baseball card shop and buy basketball cards. On the walls, there was a variety of stuff. They had a Jack Nicholson autograph on an index card that said "To Richard, Best, Jack Nicholson." I kept bugging the store owner to sell it to me and he wouldn't. After two years of periodically bugging him, he said he'd sell it to me. He asked how much I'd pay him for it. I said, "I don't know, what do you want?" He laughed and said, "Give me five bucks and it's yours."
Well, I took an 8x10 from One Flew Over the Cuckoos Nest, and framed it with that, but I cut out the "Richard" part of the inscription. About 8 years later, I became friends with a guy named Richard. And, I had met Nicholson a few times and gotten his signature myself. He was often begging me to sell him an autograph (I don't usually sell my stuff). He offered me a lot of money (and I still never sold one), but had it still said "Richard"...I would've sold it to him, and he would've had a much cooler item. And, it's easy enough NOT to cut that out of a signature and just have a mat over it that covers that part of the inscription.
Amen. I love dedications, inscriptions etc. So much more there, and more to authenticate. And, after I divide the cost by the number of letters, it often seems a good deal to me.