Hi there Greg, yes that is correct, Gavin Bain bought and restored both Ferraris. The car that Souness used to build the Morrari was a four cylinder Ferrari. He removed the engine when converting it to an Allcomer saloon, and apparently the Ferrari engine was bought by Len Southward.

The other Ferrari Bain owned and restored was the famous 375 that Froilan Gonzales drove to victory at the British Grand Prix at Silverstone in 1951, and which was the first F1 GP victory for a Ferrari. This car was fitted with a monster 4.5 litre V12. By the time it was bought by Ron Roycroft, it had a sportscar body fitted. Roycroft raced it briefly in this guise before having an open wheeler body built for it, and it was painted in the same powder blue as his Bugatti.

When Roycroft stopped racing the car it sat in his Glen Murray garage for some time before the engine was sold to a speed boat racer in Aus. When Bain bought the car (minus engine) off de Joux it had been fitted with a sports car body and Jaguar motor. Bain restored the car not as it was raced in Europe, but as it was raced in NZ by Roycroft. Since returning to Europe, it has been restored again with the correct body as it won the British GP, and is painted the correct red.

I think thats the correct story, there are people on here who will be able to give you much more info though.