The stripes are part of the history of the GT.
In 1964, before Team Shelby joined the fray (and actually well after he joined) the GT40 had the side stripes highlighting only the word: FORD
The car had not as yet won any races and was not to do so for almost two years.
Mustang later borrowed liberally from that legacy, including the stripes.
To say that a GT looks like a Mustang, therefore, is much akin to saying that a father was born to resemble his son.
For a concise understanding of the GT40s engine, cooling, aerodynamic and transmission history...and, yes, the stripes....see this weeks "Behind the Headlights" on SpeedTV.
That said, it is certainly the choice of the individual owner as to what stays and what is removed.
I met a fellow here in Atlanta back in 1989 who had an L89 427/435 tripower Corvette roadster. He felt that the car had too much torque. He sleeved the cylinders, used some aftermarket pistons (etc) and reduced displacement and compression ratio. He changed to a hydraulic lifter cam and replaced the tripower with a single Carter AFB.
He liked how the car then ran. It was his car; his choice.
He gave away the old parts.
- doc