I wasn't questioning the rating.All I know about it was that the guys from Spencers were cutting a big window out of the keel pretty high up - presumably to get it to rate in. Taking a skill saw to a keel.
It competed at the worlds so it definitely rated 24.5
It's just with IOR there were 3 basic tradeoffs: Rated SA, DSPL, and L. From the info below, the Spencer 34 had pretty typical SA, and displacement, meaning L would be pretty typical as well. It just looked like she would have a greater than typical L given the smooth run and seemingly short aft overhang in the drawing below. Perhaps the drawing isn't representative, but the ones in the water still gave that impression to me.
I always felt the Spencer was the nicest looking production 3/4 Ton in North America - after the later J/34, and the Spencer had a more cruisable interior. I was half thinking of making an offer for the one in Victoria last year - but it sold fairly quickly. I'm fairly sure you know of the one I am thinking of. It may have been the old Spierhead - renamed Up Spirits. Raced against Up Spirits some 30 years ago in Victoria.